JOHANNESBURG - The rand’s rout following Tuesday’s shock South African GDP figures continued during European trade yesterday according to NKC Research.
Emerging market currencies, but especially the rand, were under the pressure again due to the looming US tariffs on Chinese imports. The rand recovered some losses in late trade as the US dollar index weakened due to news that the UK and German governments have reportedly dropped key Brexit demands to ease the path to a Brexit deal. At close of local trade, ZAR quoted 0.8% weaker at R15.43/$, after trading in range of R15.26/$ - R15.69/$. ZAR traded little changed overnight. Expected range today R15.20/$ - R15.60/$.
South African bourse
The JSE All Share (-1.4%) ended lower yesterday dragged by losses in large retail (-2.1%) and technology (-1.3%) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.8%) traded lower. In local news, Naspers (-4%) was 1 of the day’s worst performing shares after its affiliate company, Tencent traded weaker.
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