Trade report 14/06/2013
The rand gave back some of its recent gains in Friday trade, as investors contemplated a weak domestic outlook and uncertainty over the future of US market stimulus. In early Tuesday trade it sank to its weakest level since 2009, before staging a recovery that some believe lacked any solid underpin as the domestic outlook remains dreary. The USD-ZAR is expected to trade at 9.80 – 10.0000.
In international news, US retail sales rose 0.6 precent in May from April and the number of Americans seeking unemployment benefits fell by 12 000 last week to a seasonally adjusted 334 000. Economists believe this decline suggests steady job gains will endure. The four week average decreased by 7250 to 345 250 the US Labor Department said on Thursday.
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