Trade report 01/05/2013
The ZAR is on the back foot this morning with the possibility of further weakness as big commodity currencies like the AUD come under pressure. However the ZAR weakness may not be long lived as the South African Reserve Bank are only expected to cut rates later this year once inflation subsides.
Data released by Statistics South Africa on Monday show the unemployment rate has increased from 24.9% in the fourth quarter of 2012 to 25.2% in the first quarter of 2013. The numbers of unemployed people rose by 100000 to 4.6 million.
According to an international private sector survey the service sector growth in China slowed, recession in the Eurozone is looming and although US employment numbers are up the country’s growth slowed last month.
To read the full report, visit the Currency Solutions website. Transferring funds out of South Africa/Money transfers into South Africa – Let one of our professional consultants at Currency Solutions assist you. To know more about how we can help you Contact Us.
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