MEPs back Romanian graft-buster for EU prosecutor

 MEPs back Romanian graft-buster for EU prosecutor

The rand firmed about the globally hobbled dollar quickly Friday prior to country’s credit review announcement by ratings agency Moody’s later from the day.

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

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

Moody’s is a last on the top rating agencies to have Pretoria’s long-term foreign-currency debt in investment grade.

South?Africa‘s stable outlook on its credit standing means there is very little possibility of a downgrade, Moody’s said on September 13, but a commitment to fiscal consolidation with the October budget can be critical for maintaining the positive rating.

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

Globally, america dollar traded at its lowest level 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 points to 9.25%.

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

AscendEconomy

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