File image: IOL
File image: IOL

JOHANNESBURG - The South African currency edged higher in a quiet session yesterday as dollar bulls showed caution ahead of the FOMC’s two-day meeting, which is set to start later today according NKC Research. 

Elsewhere, the Chinese yuan drifted lower versus the dollar as the latest round of Sino-US trade talks are also scheduled to take place today. At the close of local trade, the rand quoted 0.4 percent stronger at R14.30/$, after trading in range of R14.29/$ - R14.37/$. The rand traded slightly weaker overnight. Expected range today R14.20/$ - R14.45/$. Traders will look towards local data releases for direction while remaining cognisant of the Fed’s policy meeting later in the day.

South African bourse

The JSE All Share (-0.4 percent) ended lower yesterday, as large platinum (-4.8 percent) and gold (-3.5 percent) mining stocks dragged the bourse lower. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded higher. In local news, Anglo Gold (-4.2 percent), Harmony (-3.3 percent) and Sibanye (-3.0 percent) shares were left languishing in the red as gold prices slid lower.

Brent crude oil

The Brent oil price regained stability yesterday, after prices tumbled last week when President Donald Trump urged Opec to raise output in an attempt to offset the impact of US sanctions against Iran. At the close of local trade, benchmark Brent crude futures quoted 0.6 percent higher at $72.18pb. Crude prices traded little changed overnight.

Like Business Report on Facebook by clicking here or follow us on Twitter @Busrep.

You can also follow the Business Report on Instagram here