JOHANNESBURG - The rand traded in a tight range throughout Monday, despite a stronger dollar according to Paul Muller from Corporate Treasury Manager at Peregrine Treasury Solutions:
International markets were steady with little market-moving data being published.
The markets are now eagerly awaiting the Medium Term Budget Policy Statement on Wednesday to provide some clarity on the direction of the local economy and hence the rand.
The only data of significance to be released today will be the EU consumer confidence indicator.
The expected range for the rand today is between R14.25/$ and R14.45/$.
South African bourse
Following a volatile day JSE All Share (+0.2 percent) ended higher yesterday thanks to large retail (+1.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.2 percent) bounced back strongly yesterday on the back of Chinese stimulus hopes. In local news, mining shares such as, Sibanye Gold (-5.9 percent) and Impala Platinum (-5.8 percent) took a tumble after precious metal prices came under pressure.
Brent crude oil
The Brent oil price traded lower yesterday following news that Saudi Arabia would raise its crude output to 11 million barrels per day, with US sanctions against Iran set to take effect in November. At the close of local trade, the Brent oil price quoted 0.6 percent lower at $79.47/pb. Crude prices traded little changed during Asian trade this morning.
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