Rand mostly flat

Trade report 04/07/2013

The rand closed at R9.8750 in New York on Tuesday and in early Wednesday trade hovered at the same levels. Retail sales data due out at 13:00 are likely to cement market expectations that the South African Reserve Bank (Sarb) will keep interest rates at 40-year lows this week, as it balances the need to rein in inflation with that of supporting an ailing economy. The USD-ZAR is expected to trade at 9.75-9.9000.

In international news according to the Organisation for Economic Co-operation and Development (OECD) unemployment in developed countries will remain high especially under low skilled and young people. Over the next 18 months the jobless rates would fall only slightly, from 8% of the workforce in May to 7.8% at the end of next year, leaving 48 million people out of work in its 34 member countries.

To read the full report, visit the Currency Solutions website. Foreign exchange South Africa – Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.