Trade report 22/07/2013
The rand climbed nearly 1% against the dollar on Monday, taking its cue from the firming of commodity-linked currencies although the potential for weakness remains due to the threat of mining strikes hanging over the economy. "The rand continues to trade around R9.75 to R10.00 so at least the range seems to be contracting slightly," Standard Bank trader Warrick Butler said in a client note.
In other news South African coal producers have offered workers a 5.6% wage hike, the Solidarity union said on Monday. The offer is below the current inflation rate of about 6%. Coal miners such as Exxaro Resources and Coal of Africa are collectively represented by the industry body, the Chamber of Mines.
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