President Cyril Ramaphosa’s SONA address last night which focussed mainly on the pandemic, the economy, and economic reform had no impact on the local currency. Markets are very much in a holding pattern at the moment with very little big movement anywhere. The Rand ground its way to 14.6000 yesterday, before closing at 14.6286, and is currently trading at 14.6400 in a very quiet Asian session with Chinese markets being closed for the Chinese New Year holidays. We are likely to continue to trade in the recent range with 14.5000 and 14.7500 being the key levels for now.
Gold and Platinum are a little softer this morning at $1 822 and $1 230 respectively, while Palladium is slightly firmer at $2 360. Oil has lost around 0.75% this morning with WTI quoted at $57.83 and Brent at $60.75.
The DXY index is a touch higher at 90.482 mainly due to the Pound retreating from its highs against the Dollar. The Dollar is trading flat against the Euro at 1.2128 and stronger against the Pound at 1.3798. US jobless claims disappointed yesterday, rising to 793k versus the previous week’s 779k and an estimated 757k. US Treasury yields are flat at 1.16% for the 10y and 1.94% for the 30y. Wall Street is caught up in the market inertia at the moment with very little change as the S&P and Nasdaq showed marginal gains while the Dow was flat. US futures are trading a touch in the red this morning. The JSE All-share lost 0.41% yesterday to close at 65,883. The only significant economic data out today is the UK Q4 GDP number.