Trade report 03/06/2013
The new week has started and one can only hope that investors have had time to reflect on the movements in the ZAR of the past week. Finance Minister Pravin Gordhan made a statement of the weekend saying that the movements in the ZAR had been an overreaction. The ZAR has now, at least in the short term priced in a significant amount of bad news. The USD-ZAR is expected to trade at 9.95-10.1500 today.
“We are very confident that the rand will recover in time, that the markets have overreached themselves,” said Finance Minister Pravin Gordhan. Mr. Gordhan expressed his believe that the rand has been oversold and will recover after its drop to below R10.20 to the dollar on Friday. The minister went further to say that South African exporters should use the opportunity provided by the weaker rand to increase exports.
To read the full report, visit the Currency Solutions website. Transferring funds out of South Africa or money transfers into South Africa – Let one of our professional consultants at assist you in securing the best foreign exchange rates in Cape Town. To know more about how we can help you Contact Us.
No comments:
Post a Comment