Rand recovers slightly as commodities bounce back

Rand recovers slightly as commodities bounce back

2021-09-22 09:22:00 AM

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.

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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.

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