Trade report 14/05/2013
Lonmin workers have embarked on an illegal strike today. Given the impact of last year’s strikes this could negatively impact the ZAR. The strike is likely to restrict the extent of any ZAR recovery and USD-ZAR is expected to trade at 9.10-9.2000 today.
“All operations are down at Lonmin,”Lisiba Seshoka spokesperson for The National Union of Mineworkers (NUM) told reporters. Workers at the South African operations of platinum producer Lonmin have gone on an illegal strike following the killing of Association of Mineworkers and Construction Union (Amcu) regional leader Mawethu Joseph Steven.
In international news a survey released by Pew Research Center on Monday the confidence of European people in European Union institutions are at an all-time low. The survey results suggest that more citizens than ever before could end up opposing the transfer of more power to European Union institutions.
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