Bianca Botes, Corporate Treasury Manager at Peregrine Treasury Solutions says emerging markets have strengthened as a strong oil price and a subdued dollar assists the underlying currencies.

By 09:56, the rand was trading at R14.04 to the greenback.

"With April 12 around the corner, the UK is still no closer to having a deal on the table for Brexit.

"A light data calendar sees the US JOLTs job opening data due out later today.

"The ZAR’s technical range for today is R14.08 to R14.15 against the greenback."

Stocks stall in Asia; dollar, treasuries steady

Andreea Papuc, Bloomberg

Stocks traded mixed Tuesday in Asia after the threat of new tariffs on European goods from President Donald Trump damped risk appetite.

Treasuries steadied alongside the dollar.

Shares slipped in Japan, fluctuated in China, Hong Kong and Korea, and closed little changed in Australia.

European futures ticked lower with S&P 500 Index futures after the benchmark eked out a gain in thin volumes Monday, rising to just over a percent from its all-time high.

Liquidity was thin, with volumes across Asian equity markets below 30-day averages, and volatility in major currencies slumping as traders reduced risk ahead of key events this week including US inflation data, a European Central Bank decision and UK Prime Minister Theresa May’s meeting with European leaders.

Following a stellar first quarter across many asset classes, investors are assessing prospects for further gains as the US and China seek to come to a final agreement on trade and earnings season gets underway.

The threat of new tariffs on Europe comes just as the European Union’s members are in the final stages of negotiating the terms of a mandate for the European Commission to begin talks on industrial tariffs with Washington.

Trump’s administration is proposing tariffs on new passenger helicopters, various cheeses and wines, ski-suits and certain motorcycles in response to harm the US says is being caused by EU subsidies to Boeing rival Airbus.

Elsewhere, Saudi Aramco, the world’s largest oil company, has received $75 billion in orders for its debut bond sale, kickstarting an offering with yields likely to fall in line with or below Saudi Arabia’s sovereign debt.

Crude held at a five-month high as an escalation of fighting in OPEC producer Libya overshadowed the biggest increase in US active rigs since May.