WATCH: Rand struggles to gain traction against strong dollar
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JOHANNESBURG – In tandem with emerging market currencies, the rand struggled to gain traction against a strong greenback as the trade-weighted US dollar continued to benefit from positive data releases according to NKC Research.
On the local front, negative data releases weighed on the rand while concerns regarding China growth amplified caution held by traders involving risk currencies. At the close of local trade, the rand quoted 0.2 percent weaker at R14.43/$, after trading in range of R14.40/$ – R14.55/$. The rand traded sharply stronger overnight. Expected range today R14.25/$ – R14.50/$.
South African bourse
The JSE All Share (-0.6 percent) ended lower yesterday dragged by losses in large technology (-1.7 percent) and consumer goods (-1.7 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.7 percent) traded lower. In local news, Goldfields (+4.7 percent) and Harmony (+2.5 percent) shone on the back of a higher gold price.
Brent crude oil
The Brent oil price broke through $75pb to reach its highest level this in 2019, following suspensions of Russian crude exports to Europe. At the close of local trade, benchmark Brent crude futures quoted 0.2 percent higher at $74.92pb. Crude prices traded dipped during Asian trade this morning.
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Source: iol.co.za
