South Sudan NEWS PORTAL (JUBA CITY)
South Africa’s rand firmed early on Monday, helped by increased risk appetite as investors bet again on a global economic recovery.
The rand was 0.36% stronger at 16.7100 against the dollar at 0645 GMT, its best level since June 11, having gained steadily since opening above the 17.00 mark last Monday.
The gains have been driven mainly by global sentiment rather than domestic factors, with investors searching for high yields on hopes for a quick economic recovery despite a global surge in COVID-19 infections.
Emerging market currencies rose in unison, taking advantage of a dollar weighed down by the United States’ battle to contain the spread of the coronavirus as well as some investor caution ahead of data releases due in the world’s top economy.
Traders, however, expect the rand to face to some selling pressure later in the week, with power utility Eskom announcing that nationwide controlled blackouts would continue on Monday.
“The rand juggled cautious sentiment – as coronavirus infections are surging across the globe and frustration hit as South African power utility Eskom switched off the lights – against a soft U.S. PPI (producer price index) release,” said analysts at NKC African Economics in a note.
Bonds also firmed, with the yield on the benchmark 2030 government issue down 2 basis points at 9.475%.
Continue reading at Africa Live – CGTN Africa
As reported by Africa Live – CGTN Africa. Enjoyed this news story? Read more South Sudan news features on Africa Live – CGTN Africa.
Credits : Africa Live – CGTN Africa (https://africa.cgtn.com) → Author : South Sudan PRESS REVIEW
Publishing and Aggregation by : South Sudan NEWS PORTAL
Permission : Central Press Syndicate South Sudan
Facebook : South Sudan NEWS PORTAL
We respect the intellectual property rights of our news sources and expect our users to do the same. We may provide links to external news sources from time to time, but any trademarks, logos, photographs and videos remain their copyrighted works. If you feel our website violates fair use or infringes on your copyright, inform us immediately for redress.
The Central Press Syndicate of South Sudan publishes articles related to South Sudan from press wires, verified social media sources and Google news, thereby centralizing South Sudanese news from all over the web, in an easy to read format.
Read related stories with similar tags below: