South African rand edge higher in early trade
JOHANNESBURG, Nov 21 (Reuters) - South Africa's rand rose inearly trade against a softer dollar on Wednesday, in line with arise in local bonds and stocks as investor appetite for riskierassets was boosted.
* At 0650 GMT, the rand traded 0.25 percent firmerat14.0600 per dollar, after closing at 14.0950 in New York.
* The currency is expected to trade in a range of 13.9500 to14.2000 to the dollar on Wednesday, NKC African Economics saidin a note.
* Investors remain skittish on the rand as escalatingworriesabout slowing global growth and the U.S.-Sino trade war tensionscontinue to be the focus.
* South Africa-focused investors were awaiting the releaseof thecountry's headline consumer inflation data for October, due at0800 GMT, with the market expecting a 5.1 percent increase yearon year from 4.9 percent in September.
* Government bonds were firmer early on Wednesday, with theyieldon the benchmark instrument due in 2026 down 2.5 basispoints at 9.110 percent.
* Stocks were set to open higher at 0700 GMT, with the JSEsecurities exchange's Top-40 futures index up 0.72percent.
(Reporting by Nomvelo Chalumbira; Editing by Rashmi Aich)
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. |