Rand trades flat

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

South African rand was trading flat against the dollar yesterday after an overnight rally fuelled by optimism over an interim trade deal between Washington and Beijing.

Rand was trading at 14,3560 versus the greenback, as of 0545 GMT, 0,07 percent stronger from the previous close.
“Overnight trade saw the rand briefly break below the R14,35/$ mark,” Peregrine Treasury Solutions said in a note, as markets around the world thrived on improved sentiment after a thaw in the 17-month-old trade dispute.

Markets are awaiting a raft of data releases from the UK, Europe and the United States due yesterday, covering jobs, trade balance and industrial and manufacturing production.
“Should the euphoria continue we can even look for a break below the R14,30 mark,” Peregrine said. — Reuters.