“The US Thanksgiving holiday yesterday saw very quiet markets overnight besides a strong bounce in some EM currencies. Both the Brazilian Real and Turkish Lira recovered and this seems to have filtered through to the Rand which is trading stronger this morning at 14.7225.
We had benign local PPI numbers out yesterday which came out lower than expected. The Euro and Pound are both unchanged this morning.
Asian stocks are lower today with the Hang Seng losing 1.97% as investors look out for developments on the trade front in the wake of tensions over Hong Kong. The JSE had another poor day as the All Share index closed 0.84% in the red.
Gold is holding at $1 457.50 in the absence of any fresh direction.”
By Andre Botha, Senior Currency Dealer