JOHANNESBURG - The South African currency oscillated as traders kept an eye on the eagerly awaited US GDP release, capping off recent sessions of dollar resilience on the back of favourable data according to NKC Research.
While the US GDP print exceeded expectations, the rand ended the session fairly flat. That said, with South Africa heading towards the polls within a fortnight, we remain cautious of excessive volatility over the near term. At the close of local trade, the rand quoted 0.6 percent stronger at R14.30/$, after trading in range of R14.30/$ - R14.47/$. The rand was flat during Asian trade this morning. Expected range today R14.35/$ - R14.45/$.
South African bourse
The JSE All Share (+0.2 percent) ended higher on Friday, despite a partial retreat in global stock markets. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1 percent) traded higher. In local news, the country’s second largest retailer Pick n Pay (-3.8 percent) posted an 18 percent jump in headline earnings per share for the 52 weeks ending February 2019. The retailer attributed the rise in earnings to “price cuts and efficiency gains.”
Brent crude oil
The Brent oil price traded lower on Friday, as markets retreated from a 7-week long bull run. At the close of local trade, benchmark Brent crude futures quoted 2.6 percent lower at $72.31pb. Crude prices held steady during Asian trade this morning.
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