JOHANNESBURG - The rand traded in a narrow range against the US dollar during European trade yesterday according to NKC Research.
The South African currency was under pressure due to broad US dollar strength and news that the World Bank cut South Africa’s economic growth forecast for 2018 to 1 percent from 1.4 percent previously. However, the rand pared losses in line with a general recovery in EM currencies following the recent sell-off in EM assets. At the close of local trade, the rand quoted 0.1 percent weaker at R14.35/$, after trading in the range of R14.29/$ - R14.42/$. The rand traded sharply weaker overnight as US Treasury bond yields spiked higher during New York trade. Expected range today R14.45/$ - R14.85/$.
South African bourse
The JSE All Share (0.5 percent) ended lower yesterday, with most sectors closing in the red; however, large mining (0.3 percent) shares continued to shine. In the overall emerging market sphere, the MSCI Emerging Market Index (+.2 percent) traded higher. In local news, South32 (+4.2 percent) and Exxaro (3.9 percent) were among the day’s top movers.
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