Rand update
The rand has lost 2.6% over the last two days as it closed at R15.93 last night and is currently sitting at R15.96. Thin markets and low liquidity could see the rand trade above R16.00 in the short term.
A mixed bag on the metals front yesterday as Gold closed unchanged, Palladium ended a touch weaker while Platinum was down on the day. This morning we have all three metals trading slightly weaker at $1,800 for Gold, $973 for Platinum, and $1,980 for Palladium. The oil price has risen as a drop in US inventories and diminishing Omicron fears underpin the price. Brent is currently quoted at $79.50 and WTI at $76.80.
The DXY index has slipped to below 96.00 as the dollar softened against the euro and pound. The greenback is currently at 1.1330 against the euro and at 1.3483 against the pound. The US bond curve has steepened overnight with the 30y-yield up at 1.97%, the 10y-yield up at 1.56%, while the 2y-yield was unchanged at 0.75%. Wall Street closed mixed last but with very small moves. Asian markets are also trading mixed this morning. US futures have opened flat, while the local ALS gained 1.1% yesterday to close at 73,238.
