Rand consolidates its Friday gains in overnight trading
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The rand swung according to the direction of global winds as markets delved deeper into the US non-farm payroll report, according to NKC Research.
Once the payrolls report was out of the way though, activity showed signs of quickly thinning as market participants headed for the exits before the three-day Independence Day holiday weekend.
The strong labour market performance – despite persistent hiring strains – is probably the start of stellar reports that will underpin the strongest US economic performance since 1951 this year.
At the close of local trade, the rand quoted 1.09 percent stronger, at R14.31/$, after trading in range of R14.27/$ to R14.51/$. The rand consolidated its Friday gains in overnight trading. The expected range of the rand against the dollar today is R14.10/$ to R14.50/$.
South African bourse
The JSE All Share (-0.35 percent) ended lower on Friday, while the Top 40 declined by 0.30 percent. All of the sub-indices saw declines, except Telecommunication (+0.66 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (-0.94 percent) traded softer.
Brent crude oil
The Brent oil price traded softer on Friday as the delayed Opec+ meeting kicked off. The negotiations reached a standoff as the UAE seemed reluctant to increase output. At the close of local trade, benchmark Brent crude futures quoted 0.22 percent lower, at $75.6pb. Crude prices traded higher during Asian trade this morning.
BUSINESS REPORT ONLINE