South African rand firmer ahead of Moody's rating decision

By Kitco News / October 12, 2018 / www.kitco.com / Article Link

JOHANNESBURG, Oct 12 (Reuters) - The South African randfirmed against the globally hobbled dollar early on Friday aheadof the country's credit review announcement by ratings agencyMoody's later in the day.


* The rand was 0.85 percent stronger at 14.5100 perdollar at 0650 GMT, having closed in New York at 14.6350.
* The rand is expected to trade between 14.3500 and 14.7000to thedollar on Friday, NKC African Economics wrote in a note.
* Moody's is the last of the top rating agencies to havePretoria's long-term foreign-currency debt in investmentgrade.
* South Africa's stable outlook on its credit rating meansthereis little chance of a downgrade, Moody's said on Sept. 13, but acommitment to fiscal consolidation at the October budget wouldbe key to maintaining the positive rating.
* The rand was supported by theslightly-better-than-expectedSouth African manufacturing production data forAugust.
* Globally, the U.S. dollar traded at its lowest level thismonthagainst its major peers on Friday as declining U.S. treasuryyields and further losses on Wall Street soured sentiment.
* In fixed income, the yield on the benchmark governmentbond duein 2026 fell 1 basis points to 9.255 percent.
* Stocks are due open firmer at 0700 GMT, with the JSEsecuritiesexchange's Top-40 futures index up 1.10 percent. (Reporting by Nomvelo ChalumbiraEditing by Ed Stoddard)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

A shift to the later stages of gold and silver bull markets

October 27, 2025 / www.canadianminingreport.com

Gold stocks plunge on metal drop

October 27, 2025 / www.canadianminingreport.com

Gold stocks still up after pullback late in the week

October 20, 2025 / www.canadianminingreport.com

US regional bank slump goes global, driving market into gold

October 20, 2025 / www.canadianminingreport.com

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok