WATCH: Rand whipsaws overnight
JOHANNESBURG - The rand pounced on the opportunity to benefit from a retreating dollar and robust emerging market sentiment according to NKC Research.
However, the local unit consolidated steady gains as weak trade data from China left only a small dent in risk appetite. The FOMC is due to announce its June policy decision tomorrow after a two- day convention, with the expectation for no change in the policy rate despite the surprise May jobs report. The updated dot plot and economic projections will provide more insight into whether authorities deem changes to the previously announced credit facilities necessary. At the close of local trade, the rand quoted unchanged at R16.80 against the dollar, after trading in the range of R16.72/$ - R16.87/$. The rand whipsawed overnight. The expected range of the rand against the dollar today is R16.60/$ - R16.90/$.
South African bourse
The JSE All Share (-0.07 percent) ended softer yesterday following a stellar session on Friday. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.48 percent) traded firmer.
Brent crude oil
The Brent oil price tumbled yesterday, despite Opec+ agreeing to extend supply cuts to the end of July. At the close of local trade, benchmark Brent crude futures quoted 3.91 percent lower at $41.31pb. Brent crude oil prices traded weaker during Asian trade this morning.
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