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MARKET WRAP: JSE closes lower but rand gains further on Powell testimony

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SA bond yields dipped below 8% for the first time since April 2018, while the rand reached an intra-day best of R13.8573/$

The JSE closed lower on Thursday, while the Dow pushed to a record high after US Federal Reserve chair Jerome Powell’s testimony escalated expectations that the central bank may soon ease monetary policy.

Powell’s dovish tone pushed the rand to below R14/$, to its best level in five months on Thursday, at R13.8573/$. Shortly after the JSE closed, however, the rand had strengthened 0.41% to R13.9274/$ and 0.33% to R15.6831/€, while it was flat at R17.4756/£. The euro was little changed at $1,1261. The JSE all share fell 0.56% to 57,273.10 points and the top 40 0.59%. Gold miners lost 1.67% and resources 1.54%, while general retailers gained 2.61%.

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