Africa-Press – South-Africa. JOHANNESBURG – The rand whipsawed as markets awaited more policy direction from abroad, with a slew of US policymakers’ Congressional testimonies hoped to provide insight into potential bond market interference according to NKC Research.
Recent market turmoil, specifically the rise in US treasury yields, and weaker capital inflows present risks to growth, but their impact should be limited in the context of a global economic rebound. The Fed has dampened expectations of early tightening, which should in time give markets the space to re-focus on the turnaround in EM economies.
At the close of local trade, the rand quoted 0.44 percent stronger at R14.75/$, after trading in range of R14.72/$ – R14.94/$. The rand traded sharply weaker overnight as demand for the dollar increased. The expected range of the rand against the dollar today is R14.80/$ – R15.20/$.
South African bourse
The JSE All Share (-0.90 percent) ended weaker yesterday, dragged by losses in listed property (-2.12) after shopping mall and office owner Liberty Two Degrees (-11.11 percent), Attacq (-4.57 percent), and Resilient REIT (-0.76 percent) lost momentum.
Brent crude oil
The Brent oil price plunged yesterday following a firmer greenback, while a slow vaccine rollout in Europe coupled with tighter restrictions in certain countries weighed on future fuel demand prospects. At the close of local trade, benchmark Brent crude futures quoted 2.63 percent lower at $62.14pb.
BUSINESS REPORT ONLINE
