Trade report 08/07/2013
The rand reached a fresh 2-week low against the dollar in early Monday morning trade with the possibility of losing even further ground against the dollar as newly released US job data that has boosted chances the United States will soon pull back on its bond-buying program. The USD_ZAR is expected to trade at 10.15-10.3000.
In local news, Tuesday will mark the start of wage talks in the gold sector. Employers are keen to put a stop to the wildcat strikes that have plagued the mining industry over the last 18 months. Whilst the industry is facing its toughest times yet unions are demanding wage increases of 100%. The Chamber of Mines says that even though gold was at a record R509,783/kg in the fourth quarter of last year, 40% of the sector is either loss-making or marginal.
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