File image: IOL
File image: IOL

WATCH: Rand whipsaws overnight

By Compiled by Dhivana Rajgopaul Time of article published Jan 8, 2020

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JOHANNESBURG - Get the latest market update and top stories from our newsrooms across South Africa, Africa and the rest of the world.

The South African currency ran out of steam yesterday after the trade-weighted US dollar gained ground across the board according to NKC Research. 

The greenback received a jolt of support after the United States ISM non-manufacturing index beat expectations, as uncertainty in the Middle East persist. Traders will continue to look out for signs of potential escalation in tensions between Iran and the United States. At the close of local trade, the rand quoted 0.83 percent weaker at R14.30/$, after trading in the range of R14.14/$ -eR14.34/$. The rand whipsawed overnight but steadied near familiar levels. The expected range of the rand against the US dollar today is R14.20/$ - R14.40/$.

South African bourse

The JSE All Share (+0.33 percent) ended stronger yesterday, as the bourse tracked global stock markets higher, after geopolitical tensions faded somewhat. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.30 percent) traded higher.

Brent crude oil

The Brent oil price oscillated in a narrow band yesterday as traders assessed conditions in the Middle East. At the close of local trade, benchmark Brent crude futures quoted at 0.40 percent higher at $68.42pb. The brent crude prices spiked in response to Iran’s retaliation early this morning.

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