Rand takes a knock eNCA
In risk-off trade, the rand crashed 3.38 percent to R16.9210/$, having earlier fallen to R16.996. This has put the local currency at a four-year low.
The collapse of talks between Opec and Russia over production cuts on Friday sent oil prices plunging on speculation Saudi Arabia is scrapping a strategy of supporting prices in favour of a grab for market share.In morning trade on Monday, Brent crude fell 29.51 percent to $32.11 a barrel. Gold was down 0.43 percent to $1,666.80/oz while platinum was down 2.89 percent to $874.20.
“Complete pandemonium at the open as investors wake up shell shocked to the realisation that last night’s risk meltdown nightmare wasn’t just a bad dream,” said AxiCorp chief market strategist Stephen Innes in a note.In morning trade on Monday, the Hang Seng was down 3.5 percent and Japan’s Nikkei 5.32 percent.There are no local economic releases on Monday, while global data releases are likely to be sidelined due to the threats of the oil price war and the coronavirus outbreak.
“In this environment, data will have little effect on currency markets as moves as big as 10 percent were witnessed in the overnight session,” Peregrine Treasury Solutions corporate treasury manager Bianca Botes said in a note. Documents storage company Metrofile is expected to report a rise in profit for its six months to end-December later in the day but has not provided guidance on why this is the case.
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