Rand flat as market focus remains on US-China talks
The resumption of trade negotiations could usher in some volatility during the week, while load-shedding is likely to sour sentiment locally
The rand was little changed against major global currencies on Monday morning, ahead of a few risk events this week. At 9.40am the rand flat at R13.6071, while it had lost 0.11% to R15.4066/€ and 0.12% to R17.5881/£. The euro was flat at $1.1323. At the same time the benchmark R186 government bond was bid at 8.650% from 8.635%, while the R207 was at 6.475% from 6.520%. US and Chinese officials are expected to meet this week in Beijing, although there is still no sign US President Donald Trump will meet Chinese President Xi Jinping before a March 1 tariff deadline passes. Locally, mining, manufacturing and retail sales data are all due this week. The resumption of load-shedding by Eskom also threatens to sour sentiment. US-China trade talks always add a little risk, and the feeling in the market is that the recent emerging-market rally has run out of a little steam, said TreasuryOne senior currency dealer Andre Botha. Global risk assets, including the rand, have found support so far ...
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