Rand climbs to 8-week high vs greenback

JOHANNESBURG - South Africa's rand raced to its highest in more than eight weeks against the US dollar yesterday, as optimism about a global recovery from the Covid-19 pandemic boosted riskier assets, with investors looking past Sino-US trade tensions.At 0605 GMT, the rand traded at 17.4700 per US dollar, 0.91% firmer than its previous close.The currency was at its strongest since March 27."The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week's rally," Bianca Botes, executive director at Peregrine Treasury Solutions, said in a note."While there are looming geopolitical risks, it seems as though markets are currently pushing them onto the back burner, and will likely continue to do so until there is a new escalation or increased threat."Japan's decision to end coronavirus-induced restrictions and a survey showing German business morale rebounded in May lifted hopes of an economic recovery and helped offset a war of words between Beijing and Washington on trade, coronavirus and China's proposals for stricter security laws in Hong Kong.In South Africa, President Cyril Ramaphosa announced on Sunday a further easing of the country's lockdown from June 1, allowing the vast majority of the economy to return to full capacity. – Nampa/Reuters

Rand climbs to 8-week high vs greenback

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