South African rand slightly stronger on hopes Syria attack a one-off

South African rand slightly stronger on hopes Syria attack a one-off
Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg
JOHANNESBURG (Reuters) - South Africa's rand was slightly stronger early on Monday as global investors hoped that U.S.-led strikes on Syria would not escalate into a wider conflict.

At 0628 GMT, the rand traded at 12.0700 versus the dollar, around 0.1 percent stronger than its close on Friday.

The rand was volatile last week, see-sawing over global trade war fears and tensions between the United States and Russia over Syria. Domestic factors receded.

On Monday U.S. stock futures firmed and oil prices fell on relief that the attack on Syria had been limited in scale.

Analysts at NKC Research said they expected the South African currency to trade in a range of 11.90 to 12.15 to the dollar on Monday.

Government bonds were little changed early on Monday, with the yield on the benchmark instrument due in 2026 down 1 basis point to 8.075 percent.

(Reporting by Alexander Winning; Editing by Robin Pomeroy)

2018-04-16 08:58:11

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Most read today
Most read yesterday
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa