Quantcast

South African rand falls on subdued risk appetite


Reuters


JOHANNESBURG, Jan 14 (Reuters) - South Africa's rand fell in early trade on Monday amid subdued risk appetite after a shock contraction in Chinese exports pointed to deepening cracks in the world's second-biggest economy, raising fears of a sharper slowdown in global growth.

  • At 0618 GMT, the rand traded at 13.9175 per dollar, 0.6 percent weaker than its New York close on Friday of 13.8350.

  • "ZAR traded slightly weaker this morning due to much weaker-than-expected Chinese exports and imports figures for December," analysts at NKC African Economics said in a note.

  • The disappointing numbers reinforced fears U.S. tariffs on Chinese goods were starting to take a heavy toll on China's already cooling economy.

  • Locally, focus this week will mainly be on the South African Reserve Bank interest rates decision on Thursday. The bank is expected to hold rates at 6.75 percent, according to a Reuters poll.

  • In fixed income, the yield on the benchmark government bond due in 2026 added 5 basis points to 8.82 percent in early trade.





This article appears in: Stocks , World Markets , Politics



More from Reuters

Subscribe






See Reuters News











Research Brokers before you trade

Want to trade FX?