WATCH: Rand begins the week trading slightly firmer
JOHANNESBURG - The South African rand traded in the red on Friday, shrugging off global trade optimism sparked by a phased approach to reopen the US economy according to NKC Research.
Markets were encouraged by guidelines from the Trump administration for “re-opening the economy” that leaves the timeline in the hands of state and local governments. The South African unit traded weaker during a choppy European session as the scars of an abysmal week remained visible on the battered currency. At the close of local trade, the rand quoted 1.16 percent weaker at R18.88/$, after trading in range of R18.61/$ - R18.92/$. The rand begins the week trading slightly firmer, but the economic damage caused by the Covid-19 pandemic has left the local unit vulnerable and a further depreciation this week seems likely. Expected range today R18.60/$ - R19.00/$.
South African bourse
The JSE All Share (+1.84 percent) tracked global stock markets higher on Friday, on the back of promising Covid-19 medication trial and hopes of lockdown pullbacks. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.86 percent) traded in the black.
Brent crude oil
The Brent oil price traded weaker on Friday amid oversupplied energy markets as traders are storing nearly 160 million barrels of crude on vessels at sea. At the close of local trade, benchmark Brent crude futures quoted 0.63 percent lower at $28.31pb. Crude prices traded marginally weaker during Asian trade this morning.
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