Photo: IOL
Photo: IOL

WATCH: Rand gives up gains overnight

By Compiled by Dhivana Rajgopaul Time of article published Jul 7, 2020

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JOHANNEBSURG - The South African rand started the week on the front foot as risk appetite carried over from Asian trade buoyed emerging market currencies according to NKC Research. 

The local unit went on to whipsaw throughout the rest of the day. Policy-driven liquidity underpinned the favourable turn in liquidity conditions for emerging market currencies in recent weeks, which we anticipate will remain a linchpin for the rand despite a crumbling domestic macro outlook. At the close of local trade, the rand quoted 0.04 percent stronger at R16.93/$, after trading in range of R16.89/$ - R17.08/$. The rand gave up gains overnight. The expected range of the rand against the dollar today is R16.90/$ - R17.10/$.

South African bourse

Positive sentiment in Asia spurred on the JSE All Share (+0.59 percent) yesterday, while European and United States stock markets also rallied. In the overall emerging market sphere, the MSCI Emerging Market Index (+2.65 percent) traded on the front foot.

Brent crude oil

The Brent oil price was little changed at the start of the week as traders weighed rising coronavirus cases against positive economic data releases. At the close of local trade, benchmark Brent crude futures quoted 0.35 percent firmer at $43.32pb. Brent crude oil prices dipped lower during Asian trade this morning.

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