Rand consolidates gains after SONA
By Dhivana Rajgopaul 54m ago
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JOHANNESBURG – The rand traded on the front foot as global risk sentiment remained favourable, while mining and manufacturing data provided grounds for cautious optimism ahead of last night’s State of the Nation Address according to NKC Research.
President Cyril Ramaphosa focused on the country's economic recovery, corruption, strengthening the state and job creation. The rand settled in at just above R14.60/$ when the president began his speech and remained at this level during early Asian trading.
At the close of local trade, the rand quoted 0.75 percent stronger at R14.64/$, after trading in range of R14.61/$ – R14.78/$.The expected range of the rand against the dollar today is R14.50/$ – R14.70/$.
Mining production shows signs of life
Seasonally adjusted mining production rose by 0.5 percent m-o-m in December 2020. This follows declines of 2.4 percent m-o-m and 0.8 percent m-o-m in November and October, respectively. On an annual basis, mining output increased by a marginal 0.1 percent in December.
Brent crude oil
The Brent oil price stepped back on Thursday but remained near its highest level in about a year, as production cuts kept losses to a minimum. At the close of local trade, benchmark Brent crude futures quoted 0.08 percent lower at $61.42pb. Crude prices sank further during Asian trade this morning.