Rand trades on the back foot overnight

THE rand started the session on the back foot as traders awaited the US payrolls release for tapering cues, according to NKC Research.

The September US jobs report showed a slowdown in job creation amid lingering health concerns and persistent supply constraints. The rand recovered some lost ground and, at the close of local trade, quoted 0.43 percent stronger, at R14.91/$, after trading in range of R14.79/$ to R15.00/$. The rand traded on the back foot overnight. The expected range of the rand against the dollar today is R15.00/$ to R15.30/$.

South African bourse

The JSE All Share (+0.13 percent) ended firmer on Friday, as the gains in resources (+2.66 percent) outweighed losses in financials (-1.74 percent), technology (-1.09 percent) and industrials (-0.86 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded higher.

Brent crude oil

The continued rise in worldwide demand, together with the decision of Opec+ last week to not increase output more rapidly, saw the Brent oil price rise approximately 4 percent in the span of last week. At the close of local trade on Friday, the Brent oil price quoted 0.07 percent higher, at $83.16/pb. Crude prices continued its rally during Asian trade this morning.

BUSINESS REPORT ONLINE