Trade report 04/06/2013
The rand breached the psychological key 10 level for the first time since its recovery earlier in the week. On Tuesday the South African Reserve Bank (SARB) said that recent economic data pointed toward growth projections being cut, while inflation could increase due to sharply rising labour costs. The weaker rand and bearish comments by SARB have also caused a selloff of Government bonds.
In international news an unofficial monthly survey in the UK economy’s biggest sector suggests that the dominant services sector grew at the fastest rate in more than a year in the month of May. The service industry’s unexpectedly strong purchasing managers’ index is the latest sign that the economy is growing after years of stagnation. According to Jens Larsen, an economist at RBC Capital Markets easy credit, stabilization in the Eurozone and declining inflation were amongst the reasons for the economy’s improvement.
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