A day that started off on the back foot, with the Rand and other EM's looking deflated and beaten has certainly ended with a smile. Initially that Rand, was affected by the global "risk-off" sentiment and the Rand looked as if it wanted to test yesterday's high, and after weakening it stayed in a pretty narrow band just south of the R15.40 level. Better than expected CPI numbers out of the US, threatened to let Rand break above R15.40, but the move was arrested by the news that China is willing to resume trade talks and that the US will not impose certain tariffs until the 15th of December. This caused the Rand and other EM's to rally hard as risk sentiment improved almost immediately and the Rand got all the way down to R15.10.
The Rand is currently at R15.17 against the US dollar should the change in risk sentiment hold we could see the Rand on the front foot as we walk in tomorrow.