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Views Article – Sharenet Wealth

Africa, Forex

South Africa’s rand steady as investors eye likely US, eurozone rate cuts

JOHANNESBURG (Reuters) – South Africa’s rand was steady early on Tuesday as bets of rate cuts in the United States and Europe contined to support high-yielding emerging market currencies.

At 0715 GMT the rand was 0.2% weaker at 13.8900 per dollar, not far from its overnight close at 13.8575.

The European Central Bank is expected to lower its key deposit rate on Thursday while the U.S. Federal Reserve is expected to cut rates on July 31, prompting investors to look to high-yielding emerging markets assets.

(Reporting by Mfuneko Toyana; Editing by Gareth Jones)


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