The big news this morning is that President Ramaphosa has ordered that SAA be placed in voluntary business rescue and we wait to see if there is any reaction from the markets. The Rand is holding steady at 14.5950 levels this morning and we now await today’s Current Account data out later. We expect the Rand to hold in a 14.5000/14.6500 range for now.
The Dollar has recovered slightly against the safe haven currencies as investors continue to react to headlines on the trade deal front which this morning are on the positive side. The Pound however, has broken above 1.3100 to be trading at 1.3115 today as the Tories gain in the polls. The Euro is currently unchanged at 1.1085.
Wall Street closed up on the renewed trade deal optimism with all three indices showing around 0.50% gains. Stocks in the Far East are trading in the green this morning as well. The JSE All Share index was up 0.99% yesterday with all sectors,except Gold mining, showing gains.
Gold is a touch lower at $1 476.25 due to the risk on move while Palladium hit a new record high of $1 873.50 yesterday.
Gold 1 475.85
Plad 1 869.26
Rhod 5 890.00
Irid 1 470.00
Copp 5 857.50
Gold ZAR 21 526.75
Plat ZAR 13 112.81