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South Africa’s rand slides as EM rally stalls

By on April 25, 2016

South Africa’s rand edged lower on Monday, ending a recent rally built on positive emerging market sentiment and as traders looked ahead to a U.S. interest rate decision later this week.

South Africa’s biggest fast-food restaurant chain Famous Brands will be in focus after it said on Monday it will take a 51 percent stake in Lupa Osteria, an Italian restaurant business.

Bonds were flat in early trade, with the benchmark bond due in 2026 unmoved at 9.065 percent.

The rand gained more than 2.5 percent against the dollar last week, breaking through key technical milestones on its way to 5-month highs before stumbling as global appetite for emerging assets eased.

In the previous week the rand twice broke through the 14.2000 technical resistance mark but failed to hold below the level, and is unlikely to make progress this week in low liquidity conditions, traders said.

South African markets will be closed on Wednesday for a national holiday.

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