Optimism over the slowing of the spread of the Coronavirus as well as medical opinion the virus will have peaked in as little as one month has seen some risk appetite to markets. Jerome Powell reiterated that US interest rates would remain at current levels for some time given the strong US economy and low inflation. The Dollar is a touch softer against both the Euro and Pound while EM currencies have all recovered from recent weak levels.
The Rand is trading firmer at 14.7920 this morning having shaken off yesterday’s poor manufacturing data and weak employment numbers.
Wall Street closed fairly flat while Asian stocks are all in positive territory.
The JSE All Share was up 0.23% yesterday. Gold is lower at $1 567.00 as a bit of risk returns to markets while Brent remains stuck at $54.00 levels.
By Andre Botha, Senior Currency Dealer, TreasuryONE