Markets across the globe rose as investors cheered the news that Russia is returning some troops back to their bases after drills.
The rand and other emerging markets immediately traded stronger, with USD/ZAR trading at R15.02 from R15.13 earlier, comments TreasuryONE. The EUR/ZAR is looking to test sub R17.00, currently at R17.04, the forex trading house noted.
Bloomberg reports that stocks rose on optimism that geopolitical risks are receding, with Europe’s Stoxx 600 Index and US futures rising on the Russian retreat. Locally, the JSE gained 0.34% to trade again above 76,025.44 points, with financial services leading the gains.
The tension in Europe is, however, still keeping oil markets on edge, writes Bloomberg. West Texas Intermediate crude fell, but remained around $95 a barrel after earlier scaling that mark for the first time since 2014.
