CD South Africa: Cracker ahead for the rand
Currencies Direct November 30th 2015 - < 1 minute read
Right, where do we begin?… The rand will start one of the most important weeks of the year firmly on the back foot.
Emerging markets took a beating Friday, leaving the rand close to its all-time weakest level against the US dollar, with new records firmly in the local unit's sight. Today sees South Africa's trade balance released (expect a shocker), Tuesday is global manufacturing data (most notably China and the US), Wednesday sees US Federal Reserve Chair Janet Yellen speaking and on Thursday it's European Central Bank President Mario Draghi's turn (we're expecting further stimulus to be announced, should be euro negative).
Friday is the cherry on the top: US job numbers at 15:30 (a good number would seal a December US Fed rate rise) and rating agencies provide an update on South Africa's credit rating (a probable downgrade from Fitch and a negative outlook from S&P). If you're feeling a little negative, fear not as tomorrow is the start of December: We're one step closer to the festive season, and all the good things that come with it. Buckle up and have a good week folks!
Commentary by Gareth Frye