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Going down…

17 August 2004 Angelo Coppola

(18.8.04) The currency regained approximately 1.5% of its value which was lost after the recent rate cut. After the reduction in the repo rate the volatility of the currency increased significantly - despite the SARB statement that it wants a stable curre

RMB AM and Business Day report that yields on the capital market followed the retracing rand and closed stronger. Commodities where mixed with platinum dropping 1.42%, gold higher at $404.10 and oil up by 0.70% on a continued poor outlook.

European markets closed in the black, albeit barely, with bargain hunting the name of the game. US markets closed higher after several retailers reported strong earnings coupled with lower July consumer inflation – the Dow Jones gaining 0.18% and the Nasdaq was up 0.70%.

The Far East is currently trading mixed with the Hang Seng down by 0.06% and the Nikkei positive by 0.22%. Local markets should follow the currency closely as no other direction or news is expected.

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