Rand trades firmer overnight

Photo: File

Photo: File

Published Oct 5, 2020

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Compiled by Dhivana Rajgopaul

JOHANNESBURG - The South African currency experienced a volatile session on Friday as news that US President Trump tested positive for the coronavirus sparked risk off-trade according to NKC Research.

Staying with US news, job growth is moderating just as fiscal aid is expiring – a toxic cocktail. This came as the September jobs report showed non-farm payrolls rising a modest 661,000, less than half of the 1.4 million increase in August and the slowest rise in four months.

At the close of local trade, the rand quoted 1.77 percent stronger at R16.46/$, after trading in range of R16.45/$ - R16.80/$. The rand traded firmer overnight. Expected range today R16.35/$ - R16.60/$.

South African bourse

The JSE All Share (-0.42 percent) ended in the red on Friday, but still manged to post a weekly gain of 1.18 percent, as the global risk mood soured somewhat. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.29 percent) traded lower.

Brent crude oil

The Brent oil price fell sharply at the end of last week after equities sunk broadly as US lawmakers failed to agree on a stimulus package. At the close of local trade, benchmark Brent crude futures quoted 0.33 percent lower at $39.34pb. Crude prices regained somewhat during Asian trade this morning.

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