The Rand is trading near 0.5% weaker at 14.7400 this morning despite a softer Dollar and stronger commodity prices. The Dollar is trading at 3-year lows against the Aussie and Kiwi currencies as optimism grows over a global economic recovery fueled by the expanding roll-out of vaccines. The Rand remains in the current broad 14.4500/14.8500 trading range ahead of this week’s budget presentation by Finance Minister Tito Mboweni.
Gold, Platinum, and Palladium are trading firmer this morning at $1 786, $1 295, and $2 409, respectively, on the recovery hopes. The Oil price has recovered from Friday’s weaker close, with WTI up 1.22% at $59.96 and Brent up 1.34% at $63.75.
The DXY has slipped to 90.338 today, with the Dollar trading at 1.2122 against the Euro and 1.4023 against the Pound. Boris Johnson is expected to start lifting pandemic restrictions in the UK, pushing the Pound firmer. The US Treasury bond yield curve continues to steepen, with the 10y up at 1.384% and the 30y up at 2.179%. Wall Street closed largely unchanged on Friday in directionless trade, while US futures are slightly in negative territory this morning. Asian-Pacific stocks are mixed today with very little change in prices. The local ALSI closed strongly on Friday, up 1.34% at 67,465.