Trade report 09/07/2013
A strong euro is the main reason for the firmer rand in early Tuesday trade. The Eurozone is South Africa’s biggest trading partner and because of this the rand often tracks the euro. At 8am the rand was bid at R10.1287 to the dollar from Monday’s close of R10.1499 and Friday’s close of R10.1900. The USD-ZAR is expected to trade at 10.08-10.2000.
According to officials €3bn will be released to Greece, European ministers decided in a meeting in Brussels on Monday. The decision seeks to restore some financial calm to Greece and prevent another debt-crisis showdown at least until after German elections in September. The first €2.5bn will be paid to Greece later this month and the remaining €0.5bn in October.
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