Rand firms after Moody's delays rating review

JOHANNESBURG - The rand firmed against the dollar early on Monday as ratings downgrade fears eased after Moody’s said late on Friday it would not publish a review of the sovereign debt rating as indicatively scheduled.

The currency was further supported by a broader boost to investors’ risk appetite following positive Chinese factory gauges and signs of progress in Sino-US trade talks.“The rand is demonstrating some of the market’s relief following no action by Moody’s last week, with it clawing back some ground during the overnight trade on Sunday,” said Bianca Botes, a corporate treasury manager at Peregrine Treasury Solutions.

Moody’s rates South Africa’s foreign and local currency debt on their lowest level of investment grade at ‘Baa3’, with a stable outlook. In fixed income, the yield on the benchmark instrument due in 2026 dipped 6 basis points to 8.55% in early trade.

Source: News Formal (newsformal.com)

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