Trade report 04/07/2013
There is no apparent reason to expect any strong directional movement in the ZAR for the day ahead. The ECB meeting held later this afternoon could generate some volatility, but the main focus point will remain on the US non-farm payrolls that are due for release tomorrow. The USD-ZAR is expected to hold to a range of 10.02-10.1500 for most of today.
In international news on Wednesday Portugal’s bonds plummeted, pushing 10-year yields above 8% for the first time since November 2012. The sudden bond weakness was a reaction on the resignation of two ministers that raised concerns of derailment of the government’s attempts to implement austerity measures.
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