Trade report 04/06/2013
In early Monday morning trade the rand was steady against the dollar, trading stronger than R10/$, the key psychological level. The stronger rand is due to the easing of investor fears about an early withdrawal of US stimulus. "Dollar/rand (is) pushing at the key R9.83/85 support level. A break would open up scope for a proper rand recovery but if the level holds, we could be trapped in a range for a while," said Rand Merchant Bank in a note to clients. The USD-ZAR is expected to trade at 9.84-10.0000.
In other local news South African Revenue Service customs and excise data on the country’s trade with non-Southern African Customs Union trading partners on Friday showed the trade deficit narrowed from R15bn in April to R11bn in May. A BDlive poll of economists surveyed had forecast a deficit of R11.3bn. Their forecasts ranged between a deficits of R9bn and R12bn. "This is an improvement, but still quite large," said Colen Garrow, Meganomics economist.
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