JOHANNESBURG - The rand recovered some recent losses against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency traded stronger amid improved emerging market sentiment on signs that US and China are moving ahead with trade talks despite some false steps after a trade war truce was called. The rand was also supported by stronger-than-expected South African retail sales figures for October. At close of local trade, ZAR quoted 0.8% stronger at R14.16/$, after trading in range of R14.11/$ - R14.36/$. ZAR traded slightly stronger overnight. Expected range today R13.95/$ - R14.25/$.
South African bourse
The JSE All Share (+0.8%) ended higher yesterday led by gains in large industrial (+1.8%) and mining (+1.3%) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.5%) traded higher. In local news, Goldfields (+5.6%) and Anglo American Platinum (+4%) benefited from stronger precious metal prices.
Brent crude oil
The Brent oil price continued to gather momentum, after the American Petroleum Institute (API) said that US crude inventories dropped by 10.2 million barrels last week. At close of local trade, the Brent oil price quoted 0.3% higher at $61.03/pb. However, crude prices traded lower during Asian trade this morning as Opec reduced its demand forecasts for 2019.
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