Some GNU scepticism and weaker EMs weigh on rand

Source: Reuters.

The GNU remains a fragile agreement and investors are concerned over the many obstacles that need to be overcome going forward. The dollar is also firmer and EM currencies softer this morning which is contributing to the weaker rand.

The DXY index is back at 105.90 levels, with the euro, pound and yen all opening on a weaker note despite yesterday's disappointing US manufacturing data. Today, we have the US JOLTs job openings number, while both Jerome Powell and Francine Lagarde will be speaking later.

Metals drop, oil firmer

Gold, Platinum, and Palladium have all opened on a softer note this morning on the back of the firmer Dollar but are generally keeping within narrow ranges ahead of Friday's payrolls and unemployment data.

The prospect of increased demand has seen the price of oil steadily rise over the last few days and we currently have Brent crude trading 0.3% higher at $86.83. Possible disruptions to supply in the US due to Hurricane Beryl are further supporting oil.