JOHANNESBURG - The South African currency was basically unchanged yesterday, in step with a steady USD, as currency traders sat on the side lines according to NKC Research.
Markets are awaiting a pivotal speech by Federal Reserve Chairman Jerome Powell later today at a meeting of central bankers in Jackson Hole. Following a less-dovish-than-expected US Fed minutes from the July 30 - 31 FOMC meeting, expectations are that Mr Powell will reiterate that the Fed has not entered a prolonged monetary easing cycle. At the close of local trade, the rand quoted 0.01 percent weaker at R15.23/$, after trading in a range of R15.14/$ - R15.27/$. The rand traded steady overnight. Expected range today R15.15/$ - R15.45/$.
South African bourse
The JSE All Share (-0.8 percent) ended lower yesterday, dragged by losses across different sectors. In local news, Old Mutual fired its former chief executive for a second time yesterday and stated that “a continued employment relationship between Mr Moyo and Old Mutual is untenable” despite a court ruling that overturned his initial dismissal. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.76 percent) traded lower.
Brent crude oil
The Brent oil price traded lower yesterday but consolidated loses around the $60 mark. At the close of local trade, benchmark Brent crude futures quoted 0.63 percent lower at $59.75pb. Crude prices continued to sit steady at familiar levels during Asian trade this morning.
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