| There's been a lot of focus on the strong recovery of global equity markets since March, with share prices rising on hopes of a quick economic recovery from the Covid-19 pandemic. While equities eased back a little yesterday, the rand has held onto its strength. Along with other emerging-market currencies, it benefits from increased risk appetite and has now traded below R17 to the dollar for the past week - partly due to dollar weakness ahead of the conclusion of the two-day meeting of the US Federal Open Market Committee today. "What do the currencies say?" examines the largest market of all, namely foreign exchange. The objective of the latest note from Ingham Analytics is to identify broad trends in this vast bazaar of money flows and specific opportunities which may appear in the currency pairs focused upon. Which currencies represent the best shorts and longs? Covid-19 lockdowns sent volatility soaring and opened up a profitable trade for some but even as the dust settles those who understand the nature of foreign exchange will still find profitable niches. Also in your newsletter today, EOH's shares rallied after it released a positive market update and said it continued to reduce its debt pile ahead of schedule, Steinhoff International will help fund a probe by the Hawks into its accounting scandal and Arrowhead Properties is mulling a possible merger with Indluplace as it deals with the fallout from Covid-19. Also, results from Tsogo Sun Gaming and an update from Libstar. Finally, after the successful launch of "Use It or Lose It'', Jean De Villiers and Schalk Burger are back in a 2nd episode. In this instalment they are joined by a mystery guest with whom they unpack the mysteries of the infamous Kamp Staaldraad and other fascinating insights of professional sports. Click on the link to subscribe to the bi-weekly sports show hosted by JDV and Scalla. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics. In addition to today's note "What do the currencies say?", check out "Henry sends a message" on Sasol, "Illusory value" on Prosus/Naspers/Tencent and "South African banks' balance sheets surge". | 