The Dollar traded on the back foot for most of the Asian trading session this morning, hitting 1.1773 against the Euro and 1.2904 against the Pound while the Rand touched 16.3600 earlier. The greenback has recovered slightly as trading in Asia draws to a close trading at 1.1735 against the Euro, 1.2860 against the Pound, and 16.4585 against the Rand. The dollar DXY index has fallen by 3.9% in July, and short Dollar positions are now at their highest level in 2 years.
Gold surged to a record $1 980.56 this morning but has eased back to $1 941.30 in late Asian trade. Oil is trading unchanged this morning at $41.60 for WTI and $43.53 for Brent crude. A drop in demand has seen the Oil price trade sideways the last few days.
Wall Street closed higher last night with the Nasdaq gaining the most at 1.67%. Asian stocks are all in the green as well, while US futures are flat to marginally positive. The JSE All-share rose 1.22% to 56,326 yesterday. As expected, the IMF agreed on a $4,3 billion emergency loan to South Africa last night.
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