By Andre Botha, Senior Dealer, TreasuryONE
Markets in the Far East are positive this morning, buoyed by Donald Trump’s 3 phase plan to re-open the US economy and news of signs of success in a COVID-19 treatment drug trial. Markets have shaken off yesterday’s poor jobless claims number and China’s Q1 GDP contraction of 6.8% released this morning.
US equity futures are over 3.5% higher this morning after having closed marginally positive last night while Asian stocks are up around 2.5% this morning. The JSE All-share index closed relatively flat yesterday.
The Rand traded steadily for most of yesterday and managed a break below 18.5000 at one stage before weakening sharply to 18.9600 in New York. The risk-on mood this morning has the Rand currently trading at 18.6600. The Dollar is largely unchanged against the Euro and Pound but it has slipped against the Aussie and Kiwi currencies.
The Oil price remains under pressure with US Crude still below $20.00 a barrel and Brent at $28.25. Gold and Platinum are softer at $1 705.40 and $785.87 respectively.
