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The rand rallied as risk-on mood swept global markets, outpacing ongoing political and fiscal concerns according to NKC Research.
Data showing that China’s factory activity rose to the fastest pace in a decade fuelled global risk appetite, compounding optimism surrounding Covid-19 vaccines. On Tuesday, government requested a postponement of the public sector wage dispute with labour unions surrounding wage reform amid fiscal strain.
Government backtracked on earlier commitment to implement salary increases in April 2021 as the pandemic ravaged the already fragile fiscal position, eliciting anger from trade unions. Government requested a delay in the court hearing to 2021. The expected range of the rand against the dollar is today R15.00/$ - R15.40/$.
Brent crude oil
The Brent oil price traded on a weaker footing yesterday, weighed down by concerns over mounting supply after Opec+ delayed policy talks until Thursday.
At the close of local trade, benchmark Brent crude futures quoted at $47.53pb. Brent crude oil prices traded flat during Asian trade this morning.
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