JOHANNESBURG - The rand struggled during European trade as a strong US dollar amplified lacklustre domestic data releases according to NKC Research.
Emerging market currencies – including the lira and the rand – bore the brunt of a strong greenback, with the US currency lifted by robust housing data and upbeat corporate earnings. At the close of local trade, the rand quoted 0.6 percent weaker at R14.40/$, after trading in range of R14.26/$ - R14.42/$. The rand traded slightly stronger overnight. Expected range today R14.30/$ - R14.55/$.
South African bourse
The JSE All Share (-0.7 percent) ended lower yesterday dragged by large telecom (-2.7 percent) and bank (-2.0 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.5 percent) traded lower. In local news, Vodacom (-4.3 percent) and MTN (-2.4 percent) shares fell after the Competition Commission said the mobile network operators were charging higher rates in their country of domicile compared to other nations and suggested immediate relief on data rates.
Brent crude oil
The Brent oil price traded little changed yesterday, as it hovered near a six-month high. At the close of local trade, benchmark Brent crude futures quoted 0.1 percent higher at $74.30pb. Crude prices were steady during Asian trade this morning.
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