WATCH: Rand benefits due to US interest rate doubts
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JOHANNESBURG – The rand hovered around the R14/$ level during yesterday’s European trading session according to NKC Research.
The South African currency benefited from greenback weakness due to growing doubts over future US interest rate increases, but this was counterweighed by concerns over a slowing global economy and mixed signals over the course of Brexit and the US-Sino trade war. At the close of local trade, the rand quoted 0.4 percent stronger at R14.01/$, after trading in the range of R13.92/$ – R14.07/$. The rand traded weaker overnight. Expected range today R13.85/$ – R14.15/$.
South African bourse
The JSE All Share (+0.6 percent) ended higher yesterday led by gains in large technology (+1.9 percent) and retail (+0.9 percent) shares. In the overall emerging ma percentrket sphere, the MSCI Emerging Market Index (+0.2 percent) traded higher. In local news, Steinhoff’s (+8.2 percent) share prices jumped higher following news that the retailer will the appoint current commercial director, Louis du Preez, to Chief Executive.
Brent crude oil
The Brent oil price fell yesterday, as investors weighed a potential cut in Opec crude supply against the rapid pace at which global output is rising. At close of local trade, the Brent oil price quoted 2.6 percent lower at $65.45/pb. Crude prices traded little changed during Asian trade this morning.
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Source: iol.co.za
