JOHANNESBURG - The South African currency fell to a two-week low yesterday as domestic production data disappointed while ongoing rolling power outages shone the spotlight on a faltering economy according to NKC Research.
However, traders remain cautious of taking large positions ahead of the US FOMC meeting. After reducing the Fed funds target range by a cumulative 75 bps in 2019 to 1.5 percent - 1.75 percent, the FOMC has shifted to a wait-and-see policy stance. At the close of local trade, the rand quoted 1.2 percent weaker at R14.84/$, after trading in range of R14.62/$ - R14.84/$. The rand ticked lightly firmer overnight, as it regained composure ahead of a busier-than-usual day. The expected range of the rand against the dollar today is R14.65/$ - R14.95/$.
South African bourse
The JSE All Share (+0.27 percent) ended higher yesterday, lifted by large gold mining (+3.64 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.15 percent) traded lower.
Brent crude oil