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JOHANNESBURG, Feb 9 (Reuters) - South Africa's rand firmed
early on Tuesday, recovering from a slip in the previous session
as optimism about the passing of a stimulus programme in the
United States boosted risk demand.
At 0645 GMT the rand was 0.34% firmer at 14.8300
per dollar against an overnight close of 14.8800 in New York.
U.S. President Joe Biden's administration is pushing hard to
conclude a $1.9 trillion stimulus package.
Analysts see the massive fiscal spending, coupled with
continued ultra-easy Federal Reserve monetary policy, dragging
down the dollar in the longer term, feeding demand for risk
assets.
"The rand was supported by US stimulus optimism while
better-than-expected fiscal revenue performance ahead of the
February budget speech boosted sentiment," said analysts at NKC
African Economics in a note.
"We continue to expect that a favourable external backdrop,
shaped by a policy-led correction in the dollar, will support
the risk-sensitive rand."
The rand has also been supported by better than expected
revenue collection, rising commodity prices and a trade surplus
led by exports.
With no major data due on Tuesday trade is expected to be
choppy, with markets also eyeing the local rollout of COVID-19
vaccines.
Bonds edged firmer, with the yield on the benchmark 2030
issue down 2 basis points to 8.49%.
(Reporting by Mfuneko Toyana
Editing by Gareth Jones)
