The rand rose to its strongest level against the dollar this year as the ruling African National Congress looked set to win elections convincingly and after Chinese trade data beat economists’ estimates.
The rand strengthened against the euro and bond yields fell for a second day after European central bankers signaled their intention to maintain monetary stimulus that has helped boost demand for higher-yield assets.
St. Jude Medical Inc.’s Durata lead, the wire used to connect life-saving defibrillators to the heart, proved safe and reliable in an independent review that should ease concerns about its use, researchers said.
The dollar rose against 13 of its 16 most-traded peers as a U.S. political stalemate persisted and President Barack Obama warned the nation faces a “very deep recession” if Congress doesn’t raise the debt limit, fueling haven demand.
South Africa’s rand declined and bonds fell after a gauge of Chinese manufacturing dropped and the Federal Reserve signaled stimulus that fueled demand for the nation’s debt may be reduced in coming months.
South Africa’s rand weakened for a fourth day as investors pulled out of developing-nation markets after the devaluation of Argentina’s peso and concern that Chinese growth is slowing. Bond yields rose to a two-year high.