CD South Africa: Economy is going nowhere slowly
Currencies Direct August 26th 2015 - < 1 minute read
A dismal second quarter gross domestic product figure released yesterday at -1.3% (yes, that is negative) does certainly not paint a pretty picture of South Africa's economy.
The growth — or lack thereof — suggests the South African Reserve Bank will be in no rush to raise interest rates. The rand was boosted by a rate cut from China which brought relief to global markets, but the local unit is still not out of danger yet.
Some important questions: How fast is the Chinese economy slowing? What is the impact for the rest of the world? And will US Federal Reserve rises be delayed? We will just have to wait and see. Have a great day folks!
Commentary by Justin Lodewyk
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Currencies Direct