WATCH: Rand trades firmer overnight
JOHANNESBURG - The South African rand failed to garner support from thawing risk aversion as caution reined ahead of a key GDP release according to NKC Research.
It is expected that first quarter GDP figures will show early indications of a stretched domestic economy, while Q1 current account data is due for release on Thursday. Meanwhile, the fear of an economic relapse intensified in recent days as the US recorded the highest number of new daily infections since the beginning of the crisis – the fate of the recovery mostly depends on whether the recent flare-up in infections is contained. At the close of local trade, the rand quoted 0.05 percent firmer at R17.30/$, after trading in range of R17.19/$ - R17.31/$. The rand traded firmer overnight after Chinese manufacturing PMI rose in June, lifting EM sentiment. Expected range today R17.10/$ - R17.50/$.
South African bourse
The JSE All Share (+0.92 percent) ended in positive territory yesterday led by gains in local stocks across the spectrum. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.49 percent) dipped in the red.
Brent crude oil
The Brent oil price shot higher yesterday on the back of improved global economic data and Opec supply cuts, despite global coronavirus cases exceeding 10 million infections. At the close of local trade, benchmark Brent crude futures quoted 2.94 percent higher at $41.28pb. Crude prices traded steady during Asian trade this morning.
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