Trade report 08/05/2013
The ZAR remains on the back foot as investors continued to price in the possibility of an interest rate cut this year. The European Central Bank and central banks in Australia and India have all cut rates and this has fuelled expectations of a similar move by the South African Reserve Bank before the end of the year
Finance Minister Pravin Gordhan said in an interview on Tuesday that in order for Africa’s overall growth to reach the 7% level seen by many other emerging markets more co-operation between the 54 African states are needed.
The Dow Jones industrial average closed above 15,000 for the first time on Tuesday. Good corporate earnings, positive economic reports and support from central banks have worn off concerns about another economic slowdown.
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