The rand held up relatively well on Monday morning, courtesy of a weaker dollar, which reeled from last week's disappointing US nonfarm payrolls data. The data fed into the narrative that the US economy could be losing momentum. The scenario could persuade the US Federal Reserve to hold off on raising interest rates. The pause button on US rates could benefit the rand and other high-yielding emerging-market currencies. But the near-term outlook for the rand remains clouded, partly because of a lingering trade dispute between the US and China, which is seen posing a potential risk on the global economy. The uncertainty on the US-China tariff spat continues to unsettle risk assets. Emerging markets, including SA, are vulnerable to equity and bond outflows when global sentiment turns sour. Over the past week, foreign investors dumped local equities to value of R7.4bn, according to the JSE data. Net bond sales by nonresidents amounted to R1.5bn. SA begins its wind-down for 2018, with th...

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