Global currencies and stock markets are drifting sideways this morning while bond yields have climbed on positive trade talk news and a cautious risk on sentiment. The US Treasury 10y and 30y yields have risen to 1.64% and 2.125% respectively and this has pushed Gold down to $1 490.00 this morning. Gold touched a low of $1 486.00 earlier in the Far East.
The Rand firmed to close to the key 14.6500 technical level yesterday but has since weakened to be trading at 14.7700 this morning. The Euro is steady at 1.1044 while the Pound remains firm at 1.2348 after Boris Johnson's attempt to force an early election was again defeated in parliament. The Chinese Yuan is unchanged at 7.1170 after news that ratings agency Fitch had lowered growth forecasts for both Europe and China was countered by positive trade talk comments from US Treasury Secretary Mnuchin last night. Chinese inflation data out this morning was also better than expected.
Oil remains well bid at $62.80 while Platinum has slipped to $932.00. We have our local Manufacturing data out today with economists expecting a 1.2% uptick from the previous 1.5% contraction.