Rand rallies on positive global sentiment

27 September 2016 - 12:50 By Andries Mahlangu
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The rand was on a firmer footing on Tuesday morning‚ taking its direction from overseas markets.

Sentiment was broadly positive across the financial markets after the first of three US presidential debates appeared to favour Democratic candidate Hillary Clinton over Republican rival Donald Trump.

"Markets have breathed a sigh of relief this morning as the first US presidential debate drew to a close‚" Standard Bank trader Inshaan Omar said in a note.

“With Clinton taking the night‚ the beleaguered Mexican peso appears to have finally caught a break‚ leading the charge for riskier assets.”

A Clinton presidency is viewed in a positive light as it would probably maintain the status quo in the US.

Commodity markets were fairly mixed in early trade‚ with Brent crude holding around $47 a barrel as major oil producers gathered for the second day in Algeria to discuss a possible oil freeze.

At 8.59am‚ the rand was at R13.5360 to the dollar from Monday’s R13.7106. It was at R15.2207 to the euro from R15.4252 and R17.5718 to the pound from R17.7894.

The euro was at $1.1245 from $1.1253 previously.

- TMG Digital/BDlive

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