JOHANNESBURG - The rand benefited yesterday from surging stock markets worldwide, taking its cue from the Turkish lira which hit a two-month high against the dollar according to Paul Muller the Corporate Treasury Manager at Peregrine Treasury Solutions.
The dollar remains on the backfoot against all major currencies, still reeling from the release of sluggish retail sales figures, while emerging markets enjoyed a good day as risk-on trading resumed in the market.
Today will see the release of local retail sales figures, as well as US housing starts data and Federal Reserve minutes.
The bias on the rand remains stronger, with the expected range for the day between R14.10 - R14.30/$, while a break of R14.10/$ will test the key R14.00/$ level.
South African bourse
The JSE All Share (+1.5 percent) ended higher yesterday led by gains in large technology (+4.5 percent) and industrial (+3 percent) shares according to NKC Research.
In the overall emerging market sphere, the MSCI Emerging Market Index (+1.3 percent) traded higher. In local news, market heavy-weights Aspen (+5.6 percent) and Naspers (+2.6 percent) were among the day’s top performers.
Brent crude oil
The Brent oil price traded lower yesterday dragged by evidence of growing US oil output and increasing US crude inventories. At the close of local trade, the Brent oil price quoted 0.4 percent lower at $80.73/pb. Crude prices traded higher during Asian trade this morning.