JOHANNESBURG - The rand traded stronger versus the greenback during European trade yesterday according to NKC Research.
The South African currency tracked a stronger euro, which was supported by news that the EU and Italy have reached a budget deal. Emerging market currency, in general, were also stronger amid lower US bond yields ahead of the FOMC monetary policy announcement. At the close of local trade, the rand quoted 1.1 percent stronger at R14.12/$, after trading in the range of R14.12/$ - R14.35/$. The rand pared gains overnight. Expected range today R14.15/$ - R14.45/$.
South African bourse
The JSE All Share (+0.6 percent) ended higher yesterday led by gains in large industrial (+2 percent) and retail (+1.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5%) traded higher. In local news, gold mining shares such as Harmony (+8.1 percent) and Sibanye Gold (+0.7 percent) were lifted by a higher gold price.
Brent crude oil
The Brent oil price traded was little changed yesterday, following the previous session’s sell-off, amid growing pessimism over the global economy. At the close of local trade, the Brent oil price quoted 0.1 percent lower at $56.43/pb. Crude prices traded slightly lower during Asian trade this morning.
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