Rand climbs after thumbs up by Moody’s
The ratings agency gave an opinion that SA's outlook remained stable, while the SA government bond auction earlier also went
The rand was firmer against major global currencies on Tuesday afternoon, erasing earlier losses after a positive report from Moody's Investors Service. Moody's earlier released a credit opinion on SA — which does not constitute a ratings action — in which it said SA's economic and fiscal performance was in line with other countries that had a Baa3 ratings: the last investment-grade ranking. At 2pm the rand was flat at R14.1319/$, 0.17% stronger at R15.8324/€ and 0.77% stronger at R18.3995/£. The euro was flat at $1.1204. The bid on the benchmark R186 was 8.46% from 8.485%.
The local currency was faring slightly better against the pound, as Brexit uncertainty escalated. British MPs rejected four options for Brexit on Monday night, in a move that analysts said increased the chances the UK would leave the EU on April 12 without a deal. None of the softer options put before MPs attracted a majority, London Capital Group head of research Jasper Lawler said. “This basically casts a...