CD South Africa: Bear in a China shop?
Currencies Direct August 21st 2015 - < 1 minute read
It was a day for the bears as Chinese growth fears sent equity markets nose-diving yesterday (20 August). The NASDAQ closed 2.82% lower last night with Chinese markets down over 10% this week.
The uncertainty spread to the currency market, with the rand taking a particularly large beating against the euro and pound. (The rand even hit the 13/$ level… but only for 37 seconds!) The good news is that this should all but end the chances of a US Federal Reserve interest rate rise in September, providing the possibility of rand "strength" when Chinese growth fears dissipate.
The Greeks are at it again with Prime Minister Alexis Tsipras resigning and calling for snap elections, however it is promised that this won't affect their new bailout plan… sure thing. And the real good news: It's the weekend, enjoy!
Commentary by Gareth Frye
Written by
Currencies Direct