Trade report 23/07/2013
The rand steadied against the dollar early on Tuesday, keeping a firmer bias on a greenback pressured by soft economic data that suggested the US Federal Reserve may delay its withdrawal of stimulus. The currency is trading within Monday's range and looks set for a third day of gains against the dollar. The USD-ZAR is expected to trade at 9.70-9.8700.
In international news, the queues of unemployed people across Spain, Portugal and Greece will lengthen further, but an end to recession is within sight, according to the latest Reuters poll on some of the eurozone’s most vulnerable economies. Monday’s poll of more than 40 economists, conducted over the past week, followed a meeting of the Group of 20 finance ministers and central bankers at the weekend, who pledged to put growth before austerity to revive the global economy.
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