The Dollar has retreated in Asia this morning with most EM currencies trading firmer. The Rand is currently at 16.6050 after closing at 16.6577 last night. Chinese retail sales grew 0.5% in August, the first positive growth in 2020, while industrial production was up 5.6%.
The Gold price is up 0.5% today at $1 967 on the back of the softer Dollar while Platinum continues it’s good run, trading 0.65% higher at $966. Palladium is currently unchanged at $2 327. Oil producers have lowered their demand forecasts for the year, and the Oil price remains stuck below the $40.0 level. WTI is quoted at $37.26 and Brent crude at $39.58 this morning.
Hopes for a vaccine for Covid-19 and a bounce in Wall Street has improved risk appetite and seen the Dollar soften. The Dollar is trading at 1.1897 against the Euro and 1.2865 against the Pound ahead of tomorrow’s FOMC meeting. The S&P climbed 1.27% last night, the Dow 1.18%, and the Nasdaq 1.87% while US futures are pointing to further gains today. Asian stocks are mixed this morning with Chinese indices up but the Nikkei down. The JSE All share gained 0.43% to close at 56,327 as the Gold sector rose 3.02%.