Trade report 10/07/2013
The rand firmed beyond the R10 per dollar level in early trade on Wednesday despite a weak euro.
Dealers say minutes of the Fed's monetary policy committee meeting and Chairman Ben Bernanke's speech in the evening could see recent rand gains reversed as expectations are for the Fed to withdrawing its stimulus program. The USD-ZAR is expected to trade at 9.95-10.1000.
In International news the International Monetary Fund (IMF) said on Tuesday that economic growth will struggle worldwide as US expansion weakens, China’s growth is stagnant and the recession in Europe deepens. "Downside risks to global growth prospects still dominate," the IMF said in an update to its World Economic Outlook. The IMF also trimmed its global growth from its 3.3% prediction in April to 3.1%.
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