Trade report 04/06/2013
The rand was weaker across the board at noon‚ giving up early gains ahead of the eagerly awaited release of South African trade data at 14:00 this afternoon. “Trade balance data could end the recent bout of rand short covering. Although the rand did enjoy some broad-based short covering on Thursday‚ it also benefited from a more risk-on global trading environment and associated weaker US dollar backdrop‚” wrote Absa Capital analysts in a note. The USD-ZAR is expected to trade at 9.90-10.500.
In international news, new steps to combat youth unemployment and help lending to struggling small business were agreed upon by European Union leaders on Thursday. Over the next two years 27 leaders have committed to spend €6bn to support job creation, and to use unspent EU budget funds to keep the efforts going thereafter.
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