“Markets continue to monitor developments on the trade deal front, looking for fresh direction. Wall Street closed relatively flat last night and Asian markets are following suit. The local All-Share index closed up 0.56% yesterday at 57,247.
The Dollar DXY index is holding on to yesterdays gains at 97.936 with the Dollar quoted stronger at 1.1072 and 1.2878 against the Euro and Pound respectively as good US economic data provides support. The Chinese Yuan firmed to below the 7.0000 level this morning and is currently quoted at 6.9960.
President Cyril Ramaphosa’s 3-day investment conference kicks off today with the President hoping to attract up to R3 trillion new investment. The big stumbling block for investors remains the debt trap fears over Eskom and other SOEs. The Rand remains firm but is struggling to break below the 14.7000 technical level.
The Rand is currently quoted at 14.7500 in the Far East.
Gold slipped overnight as trade deal optimism and the risk on sentiment saw the yellow metal being sold off. Gold is trading at $1 486.50 this morning.”