The ZAR has been benefitting from a softer dollar and optimism over the ongoing trade talks. The local currency unit opened on Friday at 15.03 and saw one way traffic, gaining over 1.5% for the day. The ZAR is the strongest EM and closed the week close to 50 cents stronger than the high of the week. The Euro and Pound rallied after both sides agree to "intensify" talks and a comment by the EU negotiator Michel Barnier that "constructive" talks had begun. Gold had a week to forget as the risk-on sentiment led to the commodity losing some ground while equities in the US benefitted. The S&P500 was set to break a three week losing streak as trade optimism continued. Brent Crude rose 1.7% after reports of an attack on an Iranian oil tanker lifted prices.
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