Trade report 03/07/2013
The USD-ZAR failed to continue on its downside break like many in the market were hoping. The USD strengthened overnight which can be attributed to a number of factors: firstky the expectation of strong US payroll numbers and the US markets closing early today. It is significant to note that the AUD is at its weakest level since September 2010 and falling. As the AUD is the barometer for other commodity currencies its weak value combined with the strong USD has proven to such pressure for the ZAR. The USD-ZAR is expected to trade at 9.95-10.1000 today.
In international news International Monetary Fund (IMF) have given Greece three days to reassure the rest of Europe that it could deliver on conditions of its international bailout in order to receive the next installment of aid, said Eurozone officials on Tuesday. A senior Eurozone official involved in the negotiations said that lenders were unhappy with the progress Greece has made to restore its economy.
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