Rand on the defensive

Trade report 20/05/2013

The ZAR was on the defensive in early Monday morning trade, this may be related to the AUD extending its slide. The amalgamation of weaker demand for commodities, combined with the increased chance of more monetary easing has seen the AUD come under considerable pressure. Even though there is a major difference between the South African and Australian economies, the AUD is still used as a barometer for commodity currencies. The USD-ZAR is expected to trade at 9.53 – 9.6500.

Senior UK financial services executives have been forced to personally guarantee that their firms have dealt properly with regulatory concerns by the new banking watchdogs. The Prudential Regulation Authority and the Financial Conduct Authority are using signed confirmations form senior financial executives to hold them accountable if something should go wrong. “If we find a particular problem has not been addressed, the confirmation would make it easier to take enforcement action. That is part of the point,” said FCA director of supervision, Clive Adamson.

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