Tuesday 4 June 2013

Rand gains 2.5%

Trade report 04/06/2013

In local news data released on Monday suggest that local manufacturers can expect a difficult time a head, despite the competitive edge exporters gained from the weaker rand. It is doubtful that the rand, like most emerging market currencies, will strengthen soon as long term global trends play out. The rand gained 2.5% to R9.8443/$ on Monday, and Mohammed Nalla, Nedbank Group head of strategic research said it "has been oversold for quite some time, and we’re … hoping for some consolidation".

In International news in the month of May one of the USA’s key manufacturing measures fell to its lowest level since June 2009. A pullback in business spending and the slumping overseas economy have reduced new orders and production. According to the Institute of Supply Management its index on manufacturing activity fell to 49 in May, down from the 50.7 in April. Making it the lowest level in four years and the first time it dipped below 50 since November. A reading of below 50 suggests economic contraction.

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