US President Trump threatened to impose tariffs on all $500bn worth of Chinese imports following China’s vow to fight until the end.
As trade tensions intensified the greenback lost ground, which saw EM currencies and the rand strengthen to close at 13.33/$ yesterday. Locally, the 2 day ANC Lekgotla meeting (7-8 August) is focusing on land expropriation and an economic stimulus package to create an enabling economy for investment.
There isn’t much data out for the rest of the week and we see the country celebrate National Women’s Day tomorrow (9th August). Have a Wonderful Wednesday!
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.