File image: IOL
File image: IOL

WATCH: Souring risk sentiments drags the rand down

By Compiled by Dhivana Rajgopaul Time of article published May 18, 2020

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JOHANNESBURG - The rand oscillated with a bearish bias after an initial firmer start to the session according to NKC Research. 

The risk sensitive unit nervously eyed a batch of United States data and investor sentiment surrounding global lockdown restrictions. More specifically, emerging market sentiment was dented by fears of a resurgence in coronavirus cases, compounded by frosting trade tensions between the United States and China. At the close of local trade, the rand quoted 0.59 percent weaker at R18.56 against the dollar after trading in the range of R18.35/$ - R18.62/$. The local unit traded firmer this morning and the expected range of the rand against the dollar today is R18.35/$ - R18.70/$.

South African bourse

The JSE All Share (+1.05 percent) ended firmer on yesterday, thanks to a rise in large resources (+4.84 percent) and gold mining (+2.57 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.03 percent) traded marginally higher.

Brent crude oil

The Brent oil price withdrew from a one and a half month high on Friday as trade tension between two of the world’s largest economies flared up once again. At the close of local trade, benchmark Brent crude futures quoted 2.45 percent lower at $31.40pb. The Brent crude oil prices traded on the front during Asian trade this morning.


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