WATCH: Rand recovers after poor US data releases
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JOHANNESBURG – The rand traded little changed versus the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency dipped weaker initially following the release of disappointing mining production data for November. However, the rand managed to find some support late in the day on the back of poor US data releases, which affected the greenback negatively. At the close of local trade, the rand quoted 0.2 percent weaker at R13.78/$, after trading the in range of R13.76/$ – R13.84/$. The rand traded stronger overnight after the USD retreated. Expected range today R13.60/$ – R13.85/$.
South African bourse
The JSE All Share (+0.1 percent) ended firmer yesterday led by gains in large property (+1.3 percent) and technology (+0.3 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.3 percent) traded higher. In local news, Distell’s (+3.3 percent) share price rose after the South African wine and spirits maker announced it would set up an independent company to run its premium wine operations, which it hopes will increase volumes over the next decade.
Brent crude oil
The Brent oil price traded slightly higher yesterday, amid Opec-led supply cuts and signs of lower US crude inventories. At the close of local trade, benchmark Brent crude futures quoted 0.1 percent higher at $59.68/pb. Crude prices traded firmer during Asian trade this morning.
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Source: iol.co.za