“We start the trading week with the Dollar holding steady against the major currencies while riskier currencies like the Rand are holding at Friday’s stronger levels on better than expected Chinese manufacturing data. Chinese PMI was up the most in almost 3 years while sentiment over a trade deal remains positive.
On the political front, we have renewed protests in Hong Kong, new polls in the UK showing a diminishing Tory lead and the Trump impeachment enquiry continuing. The Rand is quoted at 14.6475 this morning, the Euro at 1.1020 and the Pound at 1.2918.
Wall Street closed lower on Friday, with all three indices down by around 0.40%. The good Chinese factory output number this morning has lifted Asian stocks and we also have US futures trading higher.
Gold is steady at $1 460.30 despite the risk-on mood this morning.”
By Andre Botha, Senior Currency Dealer