Trade report 10/05/2013
The USD- ZAR is expected to trade at 9.25-9.3500 today. The structure of the SA economy lends itself to ZAR vulnerability, because government is running significant budget deficits and use industrial policies that do not boost the productive sectors of the SA economy enough.
Following a request by Association of Mineworkers and Construction Union (Amcu) the two day illegal strike at Lonmin’s Marikana mines ended and labourers went back to work for the Wednesday night shift. The resumption of work is seen by some as the calm before the storm as Amcu continues its drive to push the National Union of Mineworkers (NUM) out of the platinum mines.
In international news Japan’s economy showed solid growth in consumer spending and exports in the last quarter. Government data released on Thursday showed that Japan’s real GDP increased by 0.9% in the three months leading to March. Since Prime Minister Shinzo Abe took power in December Japan has started to climb out of recession and he is delivering quick and tangible results.
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