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Rand firmer ahead of Moody’s rating decision

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The rand firmed contrary to the globally hobbled dollar early on Friday prior to the country’s credit review announcement by ratings agency Moody’s later in the day.

The rand was 0.85% stronger at 14.51 per dollar at 06:50 GMT, having closed in Los angeles at 14.63.

The rand is anticipated to trade between 14.35 and 14.70 on the dollar on Friday, NKC?African Economics wrote in the note.

Moody’s may be the last in the top rating agencies to possess Pretoria’s long-term foreign-currency debt in investment grade.

South?Africa‘s stable outlook on its credit standing means there is little probability of a downgrade, Moody’s said on September 13, but dedication to fiscal consolidation in the October budget would be step to maintaining the positive rating.

The rand was held by the slightly-better-than-expected?South?African manufacturing production data for August.

Globally, us states dollar traded at its minimum this month against its major peers on Friday as declining US treasury yields and further losses on Wall Street soured sentiment.

In fixed income, the yield over the benchmark government bond due in 2026 fell 1 basis suggests 9.25%.

Stocks are due open firmer at 07:00 GMT, using the JSE securities exchange’s Top-40 futures index up 1.10%.

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