JOHANNESBURG – The rand rallied against a weaker US currency during European trade yesterday, according to NKC Research.
The South African rand looked strong in early morning trade as it recouped most of the previous session’s losses ahead of December’s inflation data releases.
Furthermore, the softer greenback also lent support to emerging market currencies. At close of local trade, the rand quoted 0.7 percent stronger at R13.86/$, after trading in a range of R13.84/$ - R13.97/$. The rand traded little changed overnight. Expected range today R13.75/$ - R13.95/$.
The JSE All Share (-0.4 percent) ended lower yesterday despite global stock markets trading firmer. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1 percent) traded higher. In local news, market heavyweight Naspers dipped lower by 3.2 percent dragging the bourse down along with it.
Brent crude oil
The Brent oil price looked set for a daily gain but increased concerns over a global economic slowdown which could lower global crude demand saw prices dip lower in the end. At close of local trade, the Brent oil price quoted 0.4 percent lower at $61.43pb. Crude prices traded slightly lower during Asian trade this morning.
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