Rand firms as Trump signals progress on US-China trade talks
The US president’s upbeat assessment of Chinese trade relations has helped to lift sentiment
A tweet from US President Donald Trump expressing optimism that a trade deal with China could be found lifted sentiment on Friday, with the rand about 0.5% firmer against the dollar. The comments also lifted global markets, but TreasuryOne dealer Andre Botha warned that while this was good for emerging markets, Trump has done about-turns before. Focus on Friday is expected to shift to US jobs numbers, due for release at 2.30pm local time. The report will be scrutinised for signs of future US monetary policy. The dollar had its worst day since July on Thursday, as a manufacturing report came in weaker than expected. The rand had its best day in more than six weeks, further boosted by reports of progress in Brexit talks between the UK and the EU. Local focus is on political developments within state entities, with President Cyril Ramaphosa on Thursday firing SA Revenue Service (Sars) boss Tom Moyane. At 9.40am the rand was at R14.3348 to the dollar from R14.4048, at R16.3899 to the eu...
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