Trade report 11/04/2013
The ZAR extended its gains a little further this morning, but
downside momentum has started to dissolve and breaking the 8.9000 would be
unlikely. A further catalyst to stalling the ZAR’s appreciation is yet another
round of weak economic data that reminds us of the deficiencies in the SA
economy. The USD-ZAR is expected to trade between 8.87– 8.9800 today.
In order for local industry to secure additional export markets in
fellow Brics countries and in other African nations, manufacturers say trade
agreements and infrastructure need urgent attention. In the February
budget speech South Africa’s poor export performance was identified as an
obstacle to economic growth.
China’s foreign exchange reserves announced their biggest quarterly increase
since the second quarter of 2011. The countries reserves grew from $130bn to
$3.44th in the first quarter. China have the largest foreign
exchange reserves in the world.
To read the
full report visit the Currency Solutions website. Transferring funds out of
South Africa/Money transfers into South Africa – Let one of our professional
consultants at Currency Solutions assist you. To know more about how we can
help you Contact Us.
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