South Africa's rand is trading nearly 1% weaker this morning, near its lowest in 10 weeks. This amid souring emerging market sentiment led by Turkey's currency crisis and increased tension between China and the United States.
Overnight US President, Donald Trump, unveiled a series of bans on US transactions with China’s TikTok and WeChat, owned by Bytedance and Tencent, respectively. Trump’s executive orders, which will come into effect in 45 days, show the lengths he will go to stop “untrusted” Chinese apps from operating in the US.
It is expected that China will retaliate and the move will almost certainly see TikTok be sold to a US tech company – a move fully endorsed by Trump even demanding a “substantial portion” of the purchase price.
The ZAR is currently trading at 17.62/USD, 20.83/EUR and 23.08/GBP
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