Rand edges slightly stronger against Dol­lar

Swazi Observer - - BUSINESS - Busi­ness Re­port On­line

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.

Newspapers in English

Newspapers from Swaziland

© PressReader. All rights reserved.