WATCH: Rand's rally runs out of steam
JOHANNESBURG - The rand traded sharply weaker against the USD during yesterday’s European trading session according to NKC Research.
The rand’s rally ran out of steam after data showed that local business confidence ticked lower in the first month of 2019. Depressed local sentiment was further reflected in a Reuters poll, which showed the rand is set to lose half of the 7 percent gain made against USD since the start of 2019, over the next 12 months. Investors also reacted after the US Treasury Secretary said that there was still a lot that needed to be addressed in the US-China trade talks. At close of local trade, the rand quoted 0.6 percent weaker at R13.50/$, after trading in range of R13.38/$ - R13.52/$. The rand traded slightly weaker overnight. Expected range today R13.40/$ - R13.60/$.
South African bourse
The JSE All Share (+0.6 percent) ended higher yesterday led by gains in large technology (+1.1 percent) and consumer goods (+0.7 percent) shares. In the overall EM sphere, the MSCI Emerging Market Index (-0.3 percent) traded lower. In local news, MultiChoice, owned by Naspers (+1.9 percent), expects the rest of its Africa businesses to return to profitability over the medium term.
Brent crude oil
The Brent oil price traded weaker yesterday after US crude inventories rose by 2.5m barrels during the previous week – including fuel stocks – the American Petroleum Institute said. At close of local trade, benchmark Brent crude futures quoted 0.5 percent lower at $61.71pb. Crude prices ticked lower this morning.
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