It seems that the feel-good factor was still strong yesterday as equities made a small gain despite a strengthening of the currency against the majors, says Nico Kelder, economist at the Efficient Group.
The currency gained between 1 and 2%, as the dollar weakened even further against the euro. Bonds traded weaker as the high oil price is expected to push inflation higher.
Gold gained almost 0.5% yesterday while platinum lost almost 1% and oil trading more than 1% higher. European markets also continued on an upward path while the markets in the US remained flat after the announcement by the Fed that interest rates are kept unchanged.
The Japanese might have wanted to remain on holiday today as they are trading 1.5% lower this morning. The Hang Seng is trading 1% higher this morning after a week of heavy losses.
We expect that equities will weaken somewhat today but Sasol should shine on the oil price.
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