Positive Chinese data helped lift the rand on Wednesday afternoon, with the local currency leading most of its emerging-market peers. Reports of progress in US-China trade talks as well as upbeat Chinese services data helped boost global sentiment, with the local currency extending Tuesday’s gains. Sentiment towards the rand has improved after Moody’s Investors Service affirmed SA’s current investment-grade credit rating on Tuesday. The rand has given up its status as the most volatile currency on a one-week basis, with both the Turkish lira and pound expected to trade in a wider band over the period, according to Bloomberg data. Implied one-week volatility in the rand has fallen to 14.89%, compared to an average volatility of 16.57% over the past six months. At 2pm, the rand had firmed 0.48% to R14.1479/$, 0.11% to R15.91/€ and 0.26% to R18.6236/£. The euro was 0.37% firmer at $1.1246. Global focus remains on the US-China trade war, although US jobs numbers on Friday will be closel...
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