File image: IOL
File image: IOL

WATCH: Rand trades flat overnight

By Compiled by Dhivana Rajgopaul Time of article published Apr 9, 2020

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JOHANNESBURG - The South African currency gained versus the greenback yesterday despite a pause in the recent global risk rally according to NKC Research. 

In the absence of major local data releases, the rand took cues from the trade weight US dollar, which ran out of momentum toward the end of European trade. There was a mixed mood in global markets as hopes of an impending coronavirus recovery faded. At the close of local trade, the rand quoted 0.57 percent stronger at R18.19/$, after trading in range of R18.13/$ - R18.44/$. The rand traded flat overnight. The expected range that the rand will trade against the dollar today is today R18.00/$ - R18.55/$.

South African bourse

The JSE All Share (-1.7 percent) closed in the red yesterday, as hopes of the coronavirus levelling off faded. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.49 percent) dipped lower.

Brent crude oil

The Brent oil price traded weaker ahead of today’s meeting as traders remain reluctant to get their hopes up that enough oil will be cut from global energy markets. At the close of local trade, benchmark Brent crude futures quoted 3.02 percent lower at $31.81pb. The prices of Brent crude oil teased during Asian trade this morning after futures shot up at the start of yesterday’s New York trading session. 

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