US PMI data lower
Markets have been consolidating for most of the day, with the dollar creeping back losses it suffered. ISM Manufacturing PMI was expected to come in at 47.5, but the number came in lower at 46.3 as the US data continued to print lower. The rand tested R17.95 earlier as the dollar started to find some traction, but since the release of the ISM data, we have traded back to the R17.80 level. There is still some event risk later this week with payroll data in the US on Friday, Non-Manufacturing PMI on Wednesday, and Fed Speakers during the week, which could provide more volatility as the week drags along.
Brent Crude still up 5%
Brent Crude rose over 6% to $86 per barrel early this morning after the announcement by OPEC+ but has settled around the $85 mark for most of the day. Gold is up nearly 1%, with uncertainty ahead of this week leading to the safe-haven asset gaining ground.
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