CD South Africa: Rand buckling under pressure… again
Currencies Direct September 23rd 2015 - < 1 minute read
The rand is back above 13.70/$ ahead of the South African Reserve Bank's (SARB's) interest rate decision this afternoon. Uncertainty over US Federal Reserve interest rates and weak Chinese manufacturing data this morning has kept the rand on the back foot.
Don't wait for SARB Governor Lesetja Kganyago to come to the rand's rescue today, because the SARB is expected to keep interest on hold. The SARB is stuck between a rock and a hard place as lacklustre growth makes increasing rates a tough pill for the SA economy to swallow. Don't forget we'll be closed tomorrow for Heritage Day (National Braai Day). Enjoy the braaing, we'll catch you on Friday.
Commentary by Gareth Frye
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Currencies Direct