South African rand slumps on surging US Treasury yields

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The South African rand weakened on Tuesday on the back of a surge in U.S. Treasury yields as investors turned away from riskier assets, analysts said.

At 1153 GMT, the rand traded at 19.0175 against the dollar , more than 1.3% weaker than its previous close."I suspect the rand is playing catch-up to the rest of the market after the long weekend," Danny Greeff, co-head of Africa at ETM Analytics, told Reuters. Trade was closed on Monday due to a national holiday."The yields on some reaching highs not seen since the onset of the pandemic as investors rotate away from risk," Greeff said.

South Africa's benchmark 2030 government bond was weaker, with the yield up 11.5 basis points to 10.770%. On Tuesday, central bank data showed that South Africa's composite leading business cycle indicator, which collects data on vehicle sales, business confidence, money supply and other factors, rose 0.1% month-on-month in July

 

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