Compiled by Dhivana Rajgopaul
JOHANNESBURG - The South African currency softened during cautious trade, languishing near a two-month low against the greenback as the latter bounced on improved US jobless claims data according to NKC Research.
Yesterday saw a slight pullback in risk appetite as investors prepare for today’s US non-farm payrolls. After a strong initial bounce in May and June, we estimate that the labour market recovery stalled in July. We estimate that non-farm payrolls declined 280,000 in July, following a cumulative gain of 7.5 million in the two prior months. At the close of local trade, the rand quoted 1.20 percent weaker at R17.52/$, after trading in range of R17.25/$ - R17.66/$. Expected range today R17.30/$ - R17.80/$.
South African bourse
The JSE All Share’s (+0.05 percent) momentum slowed yesterday as traders booked profits following a stellar performance on Wednesday. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.32 percent) rose.
Brent crude oil
The Brent oil price hovered near its highest level in five months as crude drew support from a weaker greenback, after the Energy Information Administration reported a bigger-than-expected drop in US crude stockpiles, earlier. At the close of local trade, benchmark Brent crude futures quoted 0.15 percent lower at $45.45pb. Crude prices traded weaker during Asian trade this morning.
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