South African Rand Falls, Stocks Set To Open Lower

JOHANNESBURG    – South Africa’s rand fell early on Tuesday, as North Korea’s latest missile launch sent global investors searching for safe-haven assets and local traders waited for data later in the week.

At 0645 GMT, the rand traded at 13.0850 per dollar, 0.38 percent weaker than its New York close on Monday.

North Korea fired a missile early on Tuesday that flew over Japan and landed in waters off Hokkaido, in a sharp escalation of tensions on the Korean peninsula.

The rand will look for direction from economic data later in the week in the form of July money supply and private sector credit data on Wednesday, as well as producer price inflation figures and trade numbers due on Thursday.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.59 percent.

In fixed income, the yield for the benchmark government bond due in 2026 was up 1 basis point to 8.59 percent.(Reuters)

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