The softer dollar was the central theme for the morning as the dollar lost ground against other major currencies. The euro firmed to just below 1.05, the pound traded above 1.21, and we see the Yen currently up 0.37% against the greenback. The rand, however hovered in a relatively tight range for most of the day as it bounced around between R17.08 to R17.16, not benefiting too much from the dollar losing some ground against its peers. The rand does seem to be stuck in a wider R16.90 to R17.30 range for now, and we could need some surprising offshore data or events to escalate further in China for the rand to break out of its bubble.
Brent Crude still under pressure
The Civil unrest in China, along with rising Covid cases, has seen oil prices remain under pressure. Brent Crude fell close to the $80 per barrel mark earlier today but ended the local session slightly higher. Gold has been mostly range-bound, currently down 0.3% on the day and trading at $1,750. Metal prices remain mixed as platinum recovered some of the early morning losses, while palladium is still down a touch.
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