South Africa's rand gains after dollar's tariff falter

  • Reuters
  • Forex News
South Africa's rand gains after dollar's tariff falter
Credit: © Reuters.

JOHANNESBURG, Sept 18 (Reuters) - South Africa's rand gained early on Tuesday as broad dollar weakness supported investor appetite for riskier assets after Washington imposing additional tariffs on Chinese imports.

* At 0645 GMT the rand ZAR=D3 was 0.35 percent stronger at 14.8750 per dollar compared with its New York close of 14.9275.

* Trade-war tensions have intensified as U.S. President Donald Trump imposed additional 10 percent tariffs on about $200 billion worth of Chinese imports on Monday Washington has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies. Beijing has retaliated and talks between the world's two largest economies to resolve their trade differences have produced no results.

* The rand is expected to trade at 14.80 to 15.10 to the dollar on Tuesday, according to an early NKC African Economics note.

* In fixed income, the yield on the benchmark government bond due in 2026 ZAR186= was flat at 9.250 percent.

* Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index ALSIc1 up 0.07 percent.

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