Trade report 15/07/2013
The rand was flat against the dollar on Monday and is likely to trade range bound this week ahead of a central bank interest rate decision on Thursday. The South African Reserve Bank is expected to keep its repo rate unchanged at 5% at the end of its policy meeting on July 18 and the rand is likely to hold steady amid cautious trading in the next few days. The USD-ZAR is expected to trade at 9.10-10.0500.
In international news hopes of a sustainable recovery in the UK economy were boosted as the number of companies close to insolvency dropped significantly in the second quarter. According to restructuring specialists Begbies Traynor, this is the third quarter in a row that the number of companies close to insolvency has fallen. Bergies went further to say number of companies showing critical signs of financial distress fell 39 per cent from June 2012 to June this year.
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