Rand trades stronger overnight
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THE rand fell as violent looting and unrest carried into a seventh day, disrupting trade routes, and the death count topped 100, according to NKC Research.
The collapse of law and order eclipsed benefit to be drawn for global risk appetite awakened by US Fed chair Powell’s dovish testimony before Congress.
However, global risk sentiment soured somewhat on Thursday to overturn some previous day gains.
The perception that the US economy has reached peak growth and peak inflation had offered Treasuries support recently, and the market also rallied in response to some dovish comments from Fed chair Powell.
The rand quoted 0.5 percent weaker at the close of local trade, after trading in range of R14.45/$ to R14.59/$. The rand traded stronger overnight. The expected range of the rand against the dollar today is R14.40/$ to R14.75/$.
South African bourse
The JSE All Share (-0.5 percent) ended lower yesterday, despite riots and looting subsiding investors remain watchful. Only technology (+1.7 percent) and telecommunication (+0.4 percent) ended the day higher. The MSCI Emerging Market Index (+0.8 percent) traded on the front foot.
Brent crude oil
The Brent oil price traded lower yesterday as the market expects more supply due to Saudi Arabia and the UAE reaching a compromise. At the close of local trade, benchmark Brent crude futures quoted 0.5 percent lower, at $73.8pb. Crude prices lost further ground during Asian trade this morning.
BUSINESS REPORT ONLINE