File image: IOL
File image: IOL

WATCH: Rand trades stronger in line with most commodity-linked currencies

By Compiled by Dhivana Rajgopaul Time of article published Apr 10, 2019

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JOHANNESBURG - The South African currency traded stronger during the European session, in line with most commodity-linked currencies, as the trade-weighted USD adopted a softer tone yesterday according to NKC Research. 

Traders will await the ECB’s policy guidance, slated for Wednesday, to gauge whether further stimulus will be doled out after a slew of weak trade data. At the close of local trade, the rand quoted 0.7 percent stronger at R14.03/$, after trading in range of R14.01/$ - R14.13/$. The rand traded weaker overnight. Expected range today R13.95/$ - R14.15/$.

South African bourse

The JSE All Share (-0.3 percent) ended lower yesterday, in line with global stock markets, dragged mostly by losses in large consumer goods (-2.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded higher. In local news, Anglo American Platinum’s (+1.3 percent) Chief Executive said yesterday that South Africa’s new carbon tax could cost up to $21m per year from 2021.

Brent crude oil

The Brent oil price traded lower yesterday, as comments from Russia signalled possible easing of a supply-cutting arrangement with Opec. At the close of local trade, benchmark Brent crude futures quoted 0.6 percent lower at $70.59pb. Crude prices traded weaker during Asian trade this morning.

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