THE rand came under pressure as traders looked past domestic data releases – including the consumer confidence print – towards the FOMC announcement later this week, according to Oxford Economics Africa.
At the close of local trade, the rand quoted 0.1 percent weaker at R16.06/$, after trading in the range of R15.99/$ – R16.09/$. The rand strengthened slightly overnight. The expected range of the rand against the dollar today is R16.00/$ – R16.20/$.
South African bourse
The JSE All Share (+0.16 percent) ended higher yesterday. Financials (+0.11 percent), resources (+0.69 percent) and telecommunication (+4.14 percent) closed higher yesterday, but technology (-0.96 percent) and industrials (-0.27 percent) closed in the red. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.69 percent) traded lower.
Brent crude oil
The Brent oil price traded lower yesterday as fears regarding the Omicron variant dominated global markets. In its monthly report, the IEA expects global demand for oil to be adversely affected by the Omicron Covid-19 variant.
At the close of local trade, the Brent oil price quoted 1.2 percent lower at $73.18pb. Crude prices traded on the back foot during Asian trade this morning.
BUSINESS REPORT ONLINE