South African Rand Could Benefit from Subdued Oil Prices
Dow Jones08-11 21:54
1354 GMT - The South African rand looks well placed to benefit if oil prices remain subdued, TD Securities strategists say in a note. Although uncertainty over the Middle East conflict continues, oil prices are no longer embedding a worst-case disruption scenario and market moves suggest a reopening of the Strait of Hormuz is more likely than not, they say. The rand has consistently moved in the opposite direction to oil prices. Additional positive drivers for the rand include buoyant risk sentiment after a strong second-quarter earnings season, South Africa's attractive yields and higher gold prices, they say. The dollar falls 0.1% to 16.1715 rand.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments