Daily Markets Wrap: Markets subdued as focus turns to FOMC

The rand traded in a narrow band with choppy trades between R13.70 and R13.80 on Tuesday, ahead of Youth Day, a local public holiday commemorating the Soweto uprising on June 16 1976, and ahead of the release of the latest US FOMC meeting minutes.

According to TreasuryONE the market is pricing in a fairly dovish stance. For now, the rand is trading fairly in line with other emerging markets as markets await further directly to appear in the short term.

Commodities had a relatively flat trading day, with platinum the biggest loser, down 1.4% at $1 149.43 at local market close. Brent Crude remains bullish, closing another local session on the up, quoted at $73.70. Copper is continuing its recent poor run and is down 3.8% for the day, reports TreasuryONE.

In international currency and equity markets, the greenback traded flat, awaiting its cue from tomorrow’s FOMC meeting, while the euro and pound traded slightly on the back foot as the US markets open, with the majors trading at 1.2123 and 1.475. All three major equity indexes are down in the US, while the 10yr benchmark yield is unchanged at 1.504%.

Indicators as of 17:00


USD-ZAR          13.8023

EUR-USD         1.2124

EUR-ZAR          16.7289

GBP-USD         1.4085

GBP-ZAR          19.4348

AUD-ZAR         10.5984

CAD-ZAR          11.3267

CNY-ZAR          2.1536

ZAR-JPY            7.9740

CHF-ZAR          15.3484

USD-AOA         645.53

Equities and Bonds

R186              7.24%

US 10 Year      1.50%

JSE                 -1.05%

FTSE              0.42%

S&P 500         -0.22%


Gold               $1 859.01

Plat                 $1 149.43

Plad                $2 756.43

Rhod               $22 790.00

Irid                  $6 090.00

Ruth               $748.00

Copp               $9 552.50

Brent              $73.63

Iron Ore 62.5% $214.05

Coal API4        $111.00

Gold ZAR        R25 653.41

Plat ZAR          R15 861.63

Indicators brought to you by TreasuryONE

*There will be no Market Wrap tomorrow (16 June, 2021) due to Youth Day.

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