Yesterday's news that Trump will delay some of the additional tariffs until mid December gave a boost to markets and we saw EM currencies recover, stock markets bounce and Gold slip off it's highs.
The Rand recovered to touch 15.0800 levels after nearly trading at 15.4000 earlier in the day. We are currently at 15.1360 after poor Chinese Industrial Output data which came out at the weakest level in 17 years. The Euro lost a bit of ground after yesterdays announcement and is quoted at 1.1174 this morning. China has said that it will continue with September's trade talks which is further boosting sentiment.
Stock markets rallied sharply on the tariff news with the S&P up 1.48%, the Dow up 1.44% and the Nasdaq up 1.95%. Asian stocks have taken their cue from Wall Street and closed in the red. The local JSE closed down 0.32% largely due to a 8.97% drop on the gold sector.
The Gold price slid after the tariff news and is trading at $1 498.67 this morning. Yesterday it traded at $1 534.30 at one point.