Rand slips

A man holds new South African banknotes at the value of ten, twenty, fifty, one hundred and two hundred South African Rand depicting former South African president Nelson Mandela at The South African Reserve Bank (SARB) on July 13, 2018 in Pretoria, South Africa. The South African Reserve Bank in celebration of the centenary of Mandela's birth launched its first commemorative banknote series. The larger than normal notes, namely the R10, R20, R50, R100 and R200, depict Mandela's historical journey from his birthplace to his last days. / AFP PHOTO / Phill Magakoe

JOHANNESBURG. — South Africa’s rand dipped in early trade yesterday, extending a slide from the previous session, sparked by a possible delay in the signing of a US-China trade deal to ease a dispute that has weighed on the global economy.

At 0630 GMT, the rand was 0,1 percent weaker at 14,8400 per dollar. The currency fell on Wednesday following a three-session rally after Moody’s kept the country’s last investment grade credit rating intact on Friday.

A senior official of the Trump administration told Reuters on Wednesday a meeting between the US president and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue.

The news put a spoke in recent appetite for emerging and commodity-linked currencies, sparking rand selling as the unit, alongside currencies like the Australian dollar, is often used as a liquid hedge for risk. — Reuters.