The Rand is trading slightly stronger this morning at 16.4175 after having closed 1.4% firmer yesterday at 16.4317. The break of the 16.5500 resistance level yesterday has opened a possible move to 16.3250 in the short term. The rest of the EM currencies are all trading relatively flat this morning ahead of the FOMC this evening.
Gold is up at $1 962, but Platinum and Palladium have both given back some of yesterday’s gains, trading at $971 and $2 388 respectively. The shutdown of US output due to another hurricane as well as lower stockpiles has seen Oil climb this morning. WTI is up 1.78% at $38.96 and Brent crude up 1.53% at $41.15.
The DXY index is at 93.055 this morning with the Dollar trading flat against both the Euro and Pound at 1.1850 and 1.2900. Jerome Powell and the Fed are expected to touch on GDP, inflation, and unemployment at tonight’s FOMC meeting whilst remaining relatively dovish on further possible stimulus. Wall Street closed higher again last night, and US futures are in the green this morning, Asian stocks, however, are trading down on the day. The JSE closed 0.35% lower yesterday at 56,131.