Commodity currencies affected by weak Chinese manufacturing data

The USD-ZAR is expected to trade at 9.20-9.3300 today. Disappointing PMI data in China have placed commodity currencies like he AUD, CAD and ZAR on the defensive. Yesterday’s ZAR weakness followed by a slight recovery suggested that a move toward 9.3000 was not sustainable.

On Monday Transport Omnibus Workers’ Union (Towu) announced that bus drivers for luxury liners will be joining the nationwide bus driver’s strike on Wednesday. Springbok Atlas Luxury charters and the Unitrans Group (GreyHound Pty Ltd, Megic Bus, Mega Coach, and Citi Liner) will be joining he strike. 

European Commision president José Manuel Barroso said on Monday that he believes Europe may have reached the political limits of how far it can go with austerity-led economic policies. In recent weeks it has become clear that there is growing opposition from Eurozone leaders in regards to austerity measures. 

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