CD South Africa: Euro takes Greek strain

Currencies Direct May 26th 2015 - < 1 minute read

Greek concerns and Janet Yellen hinting at a late 2015 rate rise were the main drivers of yesterday's euro weakness/dollar strength. Net effect on the rand: weakness against the dollar and strength against the euro.

Greece has said that it will not be able to make its next debt payment deadline on 5 June, and that it intends to reach a deal before then… the clock is ticking. With the US and UK markets back to full swing, expect volatility to follow closely. Today sees the release of SA's Q1 GDP, a good indicator of the impact of load shedding on the local economy, as well as US durable goods and new home sales. Enjoy!

Commentary by Gareth Frye

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Currencies Direct

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