JSE rallies as a weaker dollar buoys the rand
The dollar slipped as trade tension and the US government shutdown persist, helping the rand and JSE claw back losses
The JSE reversed its losses on Friday morning while the rand clawed back as continued trade tensions and prospects of lower growth dragged down the greenback. On Thursday, US commerce secretary Wilbur Ross said that the US and China were “miles and miles” from resolving trade issues. Trade tension between the world’s two largest economies have spooked investors in recent weeks. The government shutdown in the US has been going for more than a month — the longest on record. The US has also been dealt a blow as global growth concerns peaked this week after China reported its weakest growth in three decades, and the International Monetary Fund downgraded its forecasts for the global economy for this year and next. Meanwhile, the Sun reported that Northern Ireland’s Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May’s Brexit deal next week, which led to the pound's strengthening. At about 10am, the JSE all share index was up 0.88% ...
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