South African Rand Holds Well Against US Dollar, Euro, GBP
The South African Rand is holding up well against major crosses, including the US dollar, Euro and British Pound (GBP), following yesterday’s rally, First National Bank (FNB) said in its daily market insight on Thursday.
However, the bank indicates that the market remains on edge as early reports suggest that the US-Iran ceasefire is already wavering. On Thursday, the South African rand is trading at R16.41 to the dollar, R21.97 to the pound and R19.13 to the euro, according to the update.
The market has started pricing in doubts about a fragile two-week ceasefire between the United States and Iran, while traders also assessed domestic economic releases for clues on the health of Africa’s largest economy.
Amidst unsettled geopolitical instability, Gold has hovered around $4 716 an ounce as investors weigh an uneasy Middle East ceasefire and uncertainty over the Strait of Hormuz.
Firmer oil prices, a stronger dollar, and higher yields capped gains after bullion briefly surged, as profit-taking followed a broader risk-on rally in global equities, according to FNB.
Brent crude rose almost 2% to about $97.14 a barrel relative to levels seen yesterday as renewed Israeli strikes on Lebanon revived fears over a fragile Middle East ceasefire.
Reports of halted tanker traffic through the Strait of Hormuz, despite signs of possible reopening talks, intensified concerns about severe global oil supply disruptions JSE Index Rises 3.96% as Global Risk Appetite Improves
