The rand weakened more than 1% against the majors overnight as the ANC confirmed Section 25 of the constitution will be amended.
This will allow for expropriation of land without compensation and saw investors drop the rand and head offshore to greener pastures with less risk. Before this bombshell the rand touched 13.06/$ yesterday on the back of a better than expected SA Trade Balance (R12 Billion surplus) although the unemployment rate worsened to 27.2%…eish!!
Would you like to advertise on this very popular website ?? Just drop me an e-mail at [email protected], and I will tell you how !!
The only data to look out for today is the US Fed interest rate decision tonight (20h00) with expectation for the rate to remain unchanged, but all ears will be listening for hints of future hikes.
Latest Rates
USD/ZAR 13.3280
GBP/ZAR 17.4763
Continue reading…