Trade report 31/07/2013
South Africa's rand fell against the dollar in early trade on Wednesday, on track to extend three days of losses ahead of domestic trade account data and a Federal Reserve policy review. The rand was at 9.8380/dollar at 0609 GMT, 0.23% weaker than its close in New York on Tuesday. The currency has been under pressure in recent sessions as importers have been selling to settle offshore payments at month end. The USD-ZAR is expected to trade at 9.76-9.9300 today.
In international news, President Barack Obama proposed a "grand bargain for middle-class jobs" on Tuesday that would cut the US corporate tax rate and use billions of dollars in revenues generated by a business tax overhaul to fund projects aimed at creating jobs. The goal, was to break through partisan gridlock in Congress with a formula that satisfies Republicans and Democrats alike.
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