News update: Rand outperforms 15 other currencies against the dollar

 News update: Rand outperforms 15 other currencies against the dollar

News update.

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The rand broke through the key technical level of R14.3950 yesterday, strengthening 1.62 percent on the day, to close at R14.16.

Andre Cilliers, the currency strategist at TreasuryONE, said the rand was the best-performing currency against the dollar compared to a basket of the 15 major global currencies.

“We did see some good importer demand for the first time in a while yesterday as they took advantage of the better levels,” said Cilliers.

A great day for precious metals yesterday with gold, platinum, and palladium all closing strongly. This morning saw further gains with gold trading at $1.766, platinum at $1.204, and palladium at $2.746.

The Brent oil price traded in a narrow band – but with an upwards bias – near a one-month high, thanks to positive demand forecasts from the International Energy Agency and Opec. At the close of local trade, benchmark Brent crude futures quoted 0.27 percent higher at $66.80pb. Crude prices inched firmer during Asian trade this morning.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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