Rand joy at GDP stats
Bianca Botes, Corporate Treasury Management at Peregrine Treasury Solutions.
The rand rallied to a new high this afternoon as the GDP figures made their way to market. The general expectation was for GDP growth to come in at 1.7%, so 2% growth is a welcome surprise for the struggling South African economy. The rand strengthened to R13.45, but slipped back slightly to R13.50. The stronger rand is currently a function of our trading account surplus, stronger economic growth and positive expectations toward the ANC NEC election conference.
