Trade report 28/05/2013
The rand is again starting the trading session on the back foot and is well above the 9.6000 mark. The currency has been trading at four year lows just shy of R9.70 for the last week. The rand is expected to stay under pressure as economic growth data is due for release at 11:30 and is expected to show that GDP has slowed since last year. The USD-ZAR is expected to trade at 9.55-9.7000 today.
In international news the European Commission has accused Chinese firms of selling solar panels at below cost in Europe and plan to impose duties on China in order to make it harder for them to gain market share in Europe. A survey of EU member states revealed that most EU governments opposed the plan to impose duties on solar panel imports as they are fearful of losing business in China.
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