Andre Botha from Treasury1 joins us for our weekly market report, with local economic data as well as international data from the US, EU and Asia.
The Rand has improved to around the early R14’s to the dollar on the back of an above expected GDP growth rate of 3.3% (quarter or quarter), this comes after a decline of 1.2% in the first three months of the year. Year on year growth however was anemic at best coming in at 0.8%. Thankfully South Africa avoided a technical recession (2 quarters of negative growth), however people and business’s continue to struggle and political uncertainty/interference in the economy continues to act as a drag on a local recovery.
Internationally, the dollar has weakened as lack luster economic growth points toward a lessening of a US interest hike soon (though still expected before years end), this has led to investors to explore emerging markets for higher yields also helping to strengthen the Rand.
Economic news out of Europe is steadily improving but there are no fireworks to report, much of the market is waiting to hear from the ECB (European Central Bank) for direction.
We unpack even more in the podcast, listen below.
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