Rand edges slightly stronger against Dollar
JOHANNESBURG - The Rand edged slightly stronger against the US Dollar during European trade yesterday according to NKC Research.
The South African currency advanced amid a drop in longer-dated US bond yields and as China moved to soothe fears that the Trump-Xi trade truce was a failure.
The trade-weighted US dollar weakened a tad and emerging market sentiment improved somewhat. At the close of local trade, the rand quoted 0.2 percent stronger at R13.80/$, after trading in the range of R13.73/$ R13.88/US$. The rand traded weaker overnight. Expected range today R13.80/US$ - R14.05/US$.
The JSE All Share (-1 percent) ended lower yesterday dragged by losses in large property (-0.8 percent) and consumer goods (-0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (1.22 percent) traded lower. In local news, retailers Dis-Chem (-4 percent) and Clicks (-3.9 percent) were among the day’s biggest laggards.
The Brent oil price traded higher yesterday, as traders await a meeting between some of world's biggest crude exporters that could see a possible cut in global oil supply. At the close of local trade, the Brent oil price quoted 1.9 percent higher at US $62.23/pb. Crude prices traded lower again during Asian trade this morning due to concerns over weaker global equity prices.