Today we are taking a look at:
- SAGBs come under pressure across the board along with FX weakness, Moody’s remains bearish on SA
- Dollar continues to post gains on the back of hawkish Fed and Trump tax reform, weighing on majors, USDZAR breaks out of pennant, weakens sharply
- Gold slumps on the back of a stronger dollar, Brent consolidates recent gains
- Local and European markets were buoyed by weaker local currencies against the dollar. The JSE was supported by rand hedged shares.Technology shares in the U.S. returned to gains pushing the Nasdaq over a percent. Asian markets are mixed this morning, energy shares are under pressure despite crude holding on to gains.
- SA slips in the WEF’s Global Competitiveness Index as institutional strength is eroded; Moody’s comments on SA