Rand recovers slightly as commodities bounce back
The outcome of the US Fed’s policy meeting on Wednesday is likely to determine the next level for SA’s currency
Andries MahlanguPicture: 123RF/UFUK ZIVANAThe rand staged a modest recovery on Wednesday morning, reflecting a degree of stability in commodity prices such as platinum group metals (PGMs) after a steep selloff earlier in the week.The spot price of palladium was up 2% to $1,945/oz, though it was still down 15% over a one-month period. Platinum was up 0.60% to $960.91/oz, after its biggest one-day gain (3.6%) since mid-February on Tuesday.
The outcome of the US Federal Reserve’s policy meeting on Wednesday is likely to determine the next level for SA’s currency, which has traded erratically since mid-August as it swung from R15.40/$ to R14.12/$ last week and then back to current levels of R14.77/$.
Fed chair Jerome Powell could lay the ground for the reduction of the US central bank’s huge bond-buying programme, which has been a key pillar of support for risk assets, including the rand.However, the disappointing US nonfarm payrolls report for August, which was attributable to the damaging effect of the highly transmissible Covid-19 Delta variant, has led to uncertainty about whether the Fed will still scale back its monetary support. headtopics.com
Elsewhere, Asian markets were mixed as investors weighed up the implications of a potential default in interest payments on its debt by China’s property Evergrande. The deadline is Thursday.The liquidity crisis at Evergrande has raised doubts about growth prospects in the world’s second-largest economy, which is a key consumer for commodities produced in SA.Read more: Business Day »
Report confirms Tembisa 10 mom was pregnant, had recent Caesarean section
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Street lights in the middle of parking area 'a result of drawing mistake'A construction manager has explained the rationale behind the installation of two street lights on the parking area located on Station Street in the Roodepoort CBD, on the West Rand. How stupid can they be.. The drawing forced them to dig holes in the middle of the road
Telkom shares soar on news of masts and towers unit listingThe telecoms operator has been working on a plan to release billions of rand trapped in its sprawling structure
In-form Orlando Pirates striker Tshegofatso Mabasa gets preliminary Bafana Bafana call-upOrlando Pirates’ in-form striker Tshegofatso Mabasa was one of the notable inclusions in Bafana Bafana’s provisional 34-man squad for the back-to-back 2022 FIFA World Cup qualifiers.
COO of mining firm ’seriously injured’ in botched robbery at Joburg homeBert van den Berg, the chief operating officer of gold mining firm Pan African Resources, is recovering in hospital after being shot in a botched robbery outside his Johannesburg home. Who cares