JOHANNESBURG - The rand initially traded in a narrow range as ongoing Brexit uncertainty curbed risk appetite and soft local data releases weighed on the local unit, although this was contrasted by soft US inflation data which may see a delayed timeline to US interest rate normalisation according to NKC Research.
Emerging market risk appetite was tainted by another no-deal vote on Brexit Tuesday evening. At the close of local trade, the rand quoted 0.2 percent weaker at R14.40/$, after trading in range of R14.30/$ - R14.42/$. The rand fell overnight. Expected range today R14.30/$ - R14.55/$.
South African bourse
The JSE All Share (+0.2 percent) ended higher yesterday led by gains in large mining (+1.3 percent) and technology (+1.2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.1 percent) traded lower. In local news, gold mining shares shone yesterday benefiting from a firmer gold price. Sibanye-Stillwater (+4.5 percent), Harmony Gold (+2.5 percent) and AngloGold Ashanti (+2.2 percent) all closed in the black.
Brent crude oil
The Brent oil price traded higher yesterday, after US Energy Information Administration (EIA) forecasts showed that US crude output was expected to grow at a slower pace in 2019 – averaging about 12.3 million bpd. At close of local trade, benchmark Brent crude futures quoted 0.7 percent higher at $67.30pb. Crude prices traded stronger during Asian trade this morning.
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