Rand retreats after strong overnight rally

Johannesburg - The rand retreated against the dollar on Tuesday after strong gains the previous day, tracking Asian markets lower as concerns about the global economic outlook sapped investor appetite for emerging assets.


At 08:42 rand was at 11.5415/$, down 0.46% from its R11.4885 close at the New York session.


Government bonds ticked higher, with the yield on the 2026 instrument - the benchmark for the secondary market - dipping 2.5 basis points to 7.135%.


Rand bulls could take charge again on Tuesday, if US factory orders data came in below expectations, thus ensuring that expectations of rate hikes in the world's biggest economy remained contained, Barclays Africa said in a note.