20°C / 22°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 21°C
  • 5°C
  • Fri
  • 17°C
  • 3°C
  • Sat
  • 17°C
  • 5°C
  • Sun
  • 17°C
  • 4°C
  • Mon
  • 18°C
  • 2°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 20°C
  • 9°C
  • Fri
  • 17°C
  • 10°C
  • Sat
  • 15°C
  • 11°C
  • Sun
  • 15°C
  • 10°C
  • Mon
  • 15°C
  • 9°C
  • Wed
  • 21°C
  • 6°C
  • Thu
  • 21°C
  • 6°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 19°C
  • 7°C
  • Mon
  • 19°C
  • 5°C
  • Wed
  • 19°C
  • 2°C
  • Thu
  • 21°C
  • 0°C
  • Fri
  • 20°C
  • 3°C
  • Sat
  • 19°C
  • 4°C
  • Sun
  • 16°C
  • 3°C
  • Mon
  • 18°C
  • 1°C
  • Wed
  • 22°C
  • 15°C
  • Thu
  • 23°C
  • 13°C
  • Fri
  • 25°C
  • 14°C
  • Sat
  • 25°C
  • 14°C
  • Sun
  • 22°C
  • 15°C
  • Mon
  • 22°C
  • 14°C
  • Wed
  • 25°C
  • 17°C
  • Thu
  • 22°C
  • 14°C
  • Fri
  • 26°C
  • 16°C
  • Sat
  • 17°C
  • 12°C
  • Sun
  • 15°C
  • 10°C
  • Mon
  • 15°C
  • 8°C
  • Wed
  • 22°C
  • 11°C
  • Thu
  • 23°C
  • 10°C
  • Fri
  • 19°C
  • 8°C
  • Sat
  • 12°C
  • 8°C
  • Sun
  • 15°C
  • 5°C
  • Mon
  • 17°C
  • 4°C
  • Wed
  • 21°C
  • 14°C
  • Thu
  • 21°C
  • 14°C
  • Fri
  • 18°C
  • 10°C
  • Sat
  • 12°C
  • 10°C
  • Sun
  • 14°C
  • 9°C
  • Mon
  • 15°C
  • 8°C
  • Wed
  • 20°C
  • 6°C
  • Thu
  • 21°C
  • 5°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 20°C
  • 6°C
  • Sun
  • 20°C
  • 7°C
  • Mon
  • 19°C
  • 5°C
  • Wed
  • 17°C
  • 3°C
  • Thu
  • 18°C
  • 2°C
  • Fri
  • 17°C
  • 2°C
  • Sat
  • 14°C
  • 2°C
  • Sun
  • 13°C
  • 0°C
  • Mon
  • 14°C
  • -1°C
  • Wed
  • 20°C
  • 5°C
  • Thu
  • 19°C
  • 4°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 23°C
  • 6°C
  • Sun
  • 23°C
  • 6°C
  • Mon
  • 20°C
  • 7°C
  • Wed
  • 26°C
  • 16°C
  • Thu
  • 24°C
  • 13°C
  • Fri
  • 26°C
  • 14°C
  • Sat
  • 15°C
  • 10°C
  • Sun
  • 14°C
  • 7°C
  • Mon
  • 14°C
  • 6°C

Rand steady in early trade

The rand traded sideways on Tuesday as the Fed-sparked rally from previous week started losing steam with market activity subdued by a holiday in Asia.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand traded sideways on Tuesday as the Fed-sparked rally from previous week started losing steam with market activity subdued by a holiday in Asia.

At 0640 GMT, the rand was 0.07% firmer at R13.4100 per dollar from an overnight close of R13.4200 in New York.

After racing to a six-month high last Thursday after the US Federal Reserve kept lending rates unchanged and signalled an end to its hiking cycle, the rand has since eased as investors locked in gains and awaited the next driving force on the index.

“The technical level around R13.30 is likely to prove resilient. On the top side, initial dollar sellers are likely to emerge between R13.50 and R13.55. We see the technical resistance at R13.6000,” said analysts at Nedbank in a note.

Optimism over recently concluded US-China trade talks is expected to keep yield-seeking investors keen to pick-up emerging market assets.

Elsewhere in Asia, trade was light, with markets in greater China, Taiwan, South Korea, Singapore and Indonesia all closed for the Lunar New Year.

Bonds were also flat, with the yield on the benchmark 10-year bond steady at 8.64%.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.38%.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus