Africa-Press – South-Africa. The rand oscillated in a narrow range as investors mulled over conflicting messages from the US on inflation and rate normalisation, according to NKC Research.
Meanwhile, US initial jobless claims remained above the 400 000 mark while new claims for regular and PUA benefits (NSA) resumed their downward trend.
The data suggest the US labour market remains on the road to recovery, which will be further helped as constraints on labour supply are gradually resolved.
At the close of local trade, the rand quoted 0.20 percent weaker, at R14.25/$, after trading in range of R14.17/$ to R14.28/$. The rand traded firmer overnight. The expected range of the rand against the dollar today is R14.00/$ to R14.25/$.
South African bourse
The JSE All Share (0.67 percent) ended higher yesterday, led by gains in large financial (+0.92 percent) and resources (+1.06 percent) stocks. In local news, Old Mutual’s (+6.12 percent) share price popped after the insurer announced it would further reduce its stake in Nedbank (+1.51 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (+0.51 percent) traded higher.
Brent crude oil
The Brent oil price whipsawed yesterday but remained near its highest level in three years. A drawdown in US crude inventories was offset by the possibility that Opec+ might decide to ease output cubes during its meeting in July. At the close of local trade, benchmark Brent crude futures quoted 0.15 percent lower, at $75.37pb. Crude prices traded firmer during Asian trade this morning.
BUSINESS REPORT ONLINE
