Rand trades little changed, Newsline

Compiled by Dhivana Rajgopaul

JOHANNESBURG – The South African currency held steady during the European trading session as the unemployment reading for Q2 surprised but uncertainty surrounding US political risk clipped risk appetite according to NKC Research.

Caution continued to reign during the Asian session this morning, with the US dollar trading little changed, as investors assessed a heated first presidential debate between US President Donald Trump and rival Joe Biden.

At the close of local trade, the rand quoted 0.41 percent stronger at R16.97/$, after trading in range of R16.92/$ – R17.21/$. Expected range today R16.80/$ – R17.15/$.

South African bourse

The JSE All Share (-0.39 percent) ended lower yesterday, dragged by losses in large tech (-1.22 percent) and industrial (-0.74 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.10 percent) traded a tad lower.

Brent crude oil

The Brent oil price slumped sharply yesterday due to demand concerns as new Covid-19 cases continue to rise. Top oil traders, including Vitol, Gunvor, Mercuria are forecasting a tepid recovery in oil demand and expect prices to remain subdued over the near term. At the close of local trade, benchmark Brent crude futures quoted 2.11 percent lower at $41.33pb. Crude prices traded steadied during Asian trade this morning.

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