Rand steadies against the dollar

Rand Source: Google Images

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A stronger risk-on tone and a US dollar selloff were apparent from the start of European trading yesterday according to NKC Research.

The rand rode the risk appetite wave as market participants positioned ahead of the US election outcome.

At the close of local trade, the rand quoted 1.22 percent stronger at R16.02/$, after trading in range of R16.01/$ – R16.23/$. The rand steadied this morning after whipsawing overnight. The expected range of the rand against the dollar today is R16.00/$ – R16.40/$.

South African bourse

The JSE All Share (+0.59 percent) traded on the front foot yesterday as global markets prepared for the US election outcome. Gains in large technology and gold stocks helped push the JSE higher. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.56 percent) traded lower.

Brent crude oil

The Brent oil price continued to recover yesterday buoyed by an uptick in global stock markets. That said, a tightening in Covid-19 restrictions across Europe kept a lid on crude gains. At the close of local trade, benchmark Brent crude futures quoted 4.66 percent higher at $40.18pb. Crude prices traded softer during Asian trade this morning.