File image: IOL
File image: IOL

WATCH: Rand trades steady ahead of US jobs day

By Compiled by Dhivana Rajgopaul Time of article published Jun 5, 2020

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JOHANNESBURG - After a slow start to the session, the South African currency rode the tailwinds of improving risk appetite as the ECB surprised markets with a larger-than-expected liquidity package according to NKC Research. 

Moreover, a subdued dollar paved the way for the rand to remain on the front foot. At the close of local trade, the rand quoted 0.55 percent stronger at R16.85/$, after trading in range of R16.84/$ - R17.07/$. The rand traded steady overnight as markets await another dreary United States jobs report later today. Expected range today R16.70/$ - R17.10/$.

South African bourse

The JSE All Share (-0.82 percent) ended lower yesterday, dragged by losses across the board. In local news, FirstRand (-2.69 percent) cautioned yesterday that its full-year profits were likely to fall by more than 20 percent amid weak revenue and a surge in non-performing loans. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.08 percent) eked out a slight gain.

Brent crude oil

The Brent oil price oscillated just above the $39-echelon as building US crude inventories kept a lid on gains. Meanwhile, there are growing doubts that Opec+ would be able to convince some of its members to comply to production cuts. At the close of local trade, benchmark Brent crude futures quoted 0.25 percent higher at $39.37pb. Crude prices leapt higher during Asian trade this morning. 

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