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MARKET WRAP: JSE remains lower but rand recovers a little

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A return to riskier assets in late trade saw the rand and other emerging-market currencies benefit

The JSE remained lower on Monday as pressures mount over intensifying tension in the Middle East following the US-ordered assassination ofOn Sunday, Iraq’s parliament recommended that all foreign troops be ordered out of the country following the US drone attack which killed Soleimani. US president Donald Trump threatened sanctions on Iraq, the second-largest producing member of oil cartel Opec, if US troops are forced to withdraw from the country.

“A weaker dollar was already creating a decent bullish case for the yellow metal but conflict in the Middle East has finished the job. Safe havens are back in vogue and the yellow metal is leading the way,” Erlam said. The tension in the Middle East has pushed the price of Brent crude to its highest level in more than seven months, with markets fearing that global oil supply might be affected, as the region is responsible for almost 50% of global output.

 

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