EM's under pressure
The Rand and its EM peers are under renewed pressure, with all EM currencies in the red for the day. The move in the US dollar today caused EM's to slide as the sentiment heading into the weekend turned decidedly negative. The US dollar is currently trading at 1.0693, breaking below the 1.0700 level and quite a move from the 1.0780's where we traded yesterday. The Rand punched through the R17.90 level very briefly but has since settled around the R17.85 mark. Markets will turn their attention to the CPI numbers next week, and we could see fresh momentum in the US dollar, which will decide the direction of other currencies.
Gold only confirms the move into the US dollar
Gold was trading at a low of $1,850 at one stage this morning but has recovered a little to trade at $1,865 currently. It was not a million years ago when Gold traded well above the $1,900 level, and the move into the US dollar has caused Gold to lose some of its shine. Brent Crude is trading stronger today and is currently trading at $ 85.47 per barrel.
#GoldPrice #EmergingMarkets #Markets #CPI #TreasuryONE
