The rand traded a touch softer amid caution that South Africa may be headed for a further tightening of the Covid-19 restrictions belt. Picture: Karen Sandison/African News Agency(ANA)
The rand traded a touch softer amid caution that South Africa may be headed for a further tightening of the Covid-19 restrictions belt. Picture: Karen Sandison/African News Agency(ANA)

Rand runs out of momentum

By Dhivana Rajgopaul Time of article published Jan 7, 2021

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JOHANNESBURG - The rand traded a touch softer amid caution that South Africa may be headed for a further tightening of the Covid-19 restrictions belt as the national coronavirus command council convenes according to NKC Research.

On the international stage, rising oil prices, and increased expectations for bigger fiscal stimulus under the Democrat-controlled Senate. Meanwhile, the rand was steady in after-hours trading as investors awaited the release of the December FOMC meeting minutes for direction.

At the close of local trade, the rand quoted 0.60 percent weaker at R15.06/$, after trading in range of R14.89/$ - R15.15/$. The rand traded flat overnight. Expected range today R14.80/$ - R15.20/$.

South African bourse

The JSE All Share (+1.54 percent) rose to its highest level on record yesterday bolstered by major resource and commodity stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.65 percent) traded higher.

Brent crude oil

The Brent oil price traded on the front foot yesterday, reaching its highest level since February 2020, after Saudi Arabia agreed to cut oil output by more than expected. At the close of local trade, benchmark Brent crude futures quoted 1.87 percent higher at $53.86pb. Crude prices extended gains during Asian trade this morning.

BUSINESS REPORT ONLINE

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