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Rand Traders on Edge as Moody’s Puts Debt in Last-Chance Saloon

  • Moody’s decision not to cut South Africa may boost rand Monday
  • Bank of America expects the nation to be cut to junk next year
South Africans celebrate after winning the Rugby World Cup 2019 Final.

South Africans celebrate after winning the Rugby World Cup 2019 Final.

Photographer: Phill Magakoe/AFP via Getty Images

South African traders waking from their Rugby World Cup party hangover may have another headache to confront: whether to see the Moody’s decision not to cut the country’s credit rating as a trigger to buy or sell the rand.

If you listen to Societe Generale SA, the currency that weakened more than any of its emerging-market peers last week may rally on relief that Africa’s most developed country has retained its last investment-grade rating.