JSE could head lower as rand remains strong

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The rand has gained 6% since the start of 2022, making it one of the best performing currencies among the major emerging markets

The rand held steady at the three-month high against the dollar on Friday morning despite the threat of a military conflict between Russia and Ukraine that has cast a shadow on global markets.

The rand changed hands at R14.97/$, having gained 6% since the start of 2022, making it the best performing currency among the major emerging markets, behind Brazil. The JSE, which has been equally resilient in the face of market angst about geopolitics in the Black Sea region, is likely to trade lower on Friday morning given the weakness in the Asian equity markets.

However, the gold price, which has safe-haven characteristics, slipped 0.37% to $1,891.34/oz, but is 5% up since the start of the month.

 

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