South African rand gains on investor optimism over US trade negotiations
JOHANNESBURG, July 3 (Reuters) - The South African rand gained on Thursday on optimism among global investors about trade negotiations with the U.S. after the country signed a trade deal with Vietnam, fuelling hopes of more such deals ahead of a July 9 deadline set by Washington.
At 1556 GMT the rand traded at 17.4950 against the U.S. dollar ZAR=D3, up roughly 0.5% on Wednesday's close and at its best level so far this year.
The dollar =USD last traded about 0.4% firmer against a basket of currencies after the world's largest economy reported stronger-than-expected jobs data and as investors awaited more news on trade negotiations.
Many countries including South Africa will be scrambling to agree trade deals with the United States before President Donald Trump's deadline next week.
Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global "reciprocal" tariff regime.
Domestic investor attention earlier was on a purchasing managers' index that showed South African private sector activity held steady in June , though business confidence slipped to its lowest level in nearly four years.
The Johannesburg Stock Exchange's Top-40 index .JTOPI closed up 0.2%.
South Africa's benchmark 2035 government bond ZAR2035= was slightly weaker, with the yield rising 1 basis point to 9.745%.
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