CD South Africa: From one risk to another

With only a few hurdles to overcome in the coming days, Greece looks set to sign a deal by the weekend. Now that Greece is out of the way (mostly), markets were hit by the US Fed as fears of an early hike started to resurface. The local unit was side swiped by the news and it has started testing the 12.20/$ level this morning. SA current account figures released yesterday eased the damage as the deficit dropped to -4.8% of GDP. On the data calendar we have revised US GDP Q1 figures released this afternoon and the Eurogroup meeting this evening where Greece is likely to be the topic.

Commentary by Justin Lodewyk