A range-bound trading session for the rand has seen the local unit move in a 15cent range for the day. The euro remains at the mercy of the and has been tracking sideways over the past few trading sessions, while the UK’s attempt to stabilize their markets has seen the pound trade in a wide range of 1.1260 to 1.14. The uncertainty around the pound and hawkish sentiment over future Fed interest rate hikes are still the key drivers in the currency market, with markets remaining headline driven on data out of the US and developments out of the UK in terms of their plans to revive a struggling economy.
The strong dollar has been the main culprit holding back gold from regaining any sort of momentum and today, we have seen the yellow metal remaining under pressure and closing the day around the $1,650 mark. Brent Crude is back below the $90 handle as global demand concerns outweigh the proposed supply cuts by OPEC+. Equity markets have opened positive in the US, following the positive sentiment we saw from the eastern market earlier today. A slight rally in stock markets has seen the US 10yr yield dip back below 4%, with the 2yr yield quoted at 4.42%.
