Trade report 15/05/2013
The ZAR suffered its third consecutive day of losses and the currency is expected to remain on the back foot unless the labour disruptions at the Lonmin mine ends. The company's management team informed staff that if disruptions continue there is a possibility of lay-offs. On Tuesday the Association of Mineworkers and Construction Union (Amcu) said the illegal strike at Lonmin's platinum mine will continue until National Union of Mineworkers (NUM's) local office has been shut down.
In international news, for the past four years America’s federal budget deficit has surpassed $1 trillion, but the US government’s annual deficit is now shrinking a lot faster than was expected. The nonpartisan Budget Office released a new report on Tuesday, approximating that the deficit for this fiscal year, which ends on Sept. 30, will fall to about $642 billion, roughly $200 billion lower than the agency estimated three months ago.
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