South Africa's rand strengthens as global trade war fears ease
South Africa's currency firmed against the dollar early on Tuesday as investor jitters over an escalating US-China trade row cooled with eyes on domestic manufacturing data and the central bank's monetary policy review.
At 06:30 GMT the rand was 0.52% firmer at 12.0350 per dollar compared to its overnight close of 12.0975 in New York.
On Tuesday Chinese President Xi Jinping said China will maintain opening the economy and reform measures to lower import tariffs on certain products, which eased fears over heightening trade tensions with the United States. In a speech at the Boao Forum, Jinping said that China will sharply widen market access for foreign investors.
Technically, momentum indicators tracked by analysts are neutral and not providing a strong sense of direction either way for the rand.
On the domestic front, February manufacturing data is due at 11:00 GMT. A Reuters poll forecasts manufacturing output to rise to 2.6% from 2.5%.
The South African Reserve Bank will hold its monetary policy review at 16:00 GMT. The forum discusses issues such as the inflation outlook, economic growth and the monetary policy stance.
The World Bank will announce revised economic forecasts for South Africa.
In the fixed income market, bonds were also firmer, with the yield on the benchmark government paper due in 2026 down one basis point to 8.050%.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation