South Africa’s rand bounces as emerging markets shake off Turkey coup worries

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JOHANNESBURG (Reuters) – South Africa’s rand gained nearly two percent early on Monday as emerging markets set aside concerns about a failed coup in Turkey over the weekend and investor focus shifting back to the timing of rate hike in the United States.

* Rand at 14.2900 at 0645 GMT, 1.85 percent firmer than New York close. The rand trended firmer for most of the previous week as investors globally favoured high yield assets.

* Risk appetite could drop later in week after strong economic data from United States suggest higher interest rates soon.

* Stocks due to open flat at 0700 GMT, futures index up 0.11 percent.

* Government bonds softer, yields up 4 basis points to 8.77 percent.

 

(Reporting by Mfuneko Toyana; Editing by Ed Cropley)

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