“President Trump’s comment that the trade deal with China could be delayed to after the US elections have seen a move to safe-haven assets as a risk-off sentiment hits the markets.
The Dollar DXY index has slipped to 97.757 as the Dollar lost ground to the Yen, Swiss Franc and Pound. The Dollar is currently quoted at 1.2998 against the Pound and 1.1075 against the Euro.
The Rand fell to close to 14.7000 in the wake of the weak GDP number which showed a contraction in growth for Q3. The Rand is trading at 14.6500 this morning in very quiet trade and we expect a range of 14.6000/14.7000 for the day.
Global stock markets are all in the red on the trade deal pessimism and risk-off mood. Gold surged to $1 479.11 and Platinum to $912.12.”
By Andre Botha, Senior Currency Dealer