Futures Market News
Rand drops as concerns for euro zone intensify
May 04, 2012 12:17 PM
The currency of the nation hosting the largest economy on the African continent has fallen 0.1 percent during the past five days of trading. Services and manufacturing industries in the beleaguered euro zone shrank last month, prompting conjecture about a worsening economic system as two of the region's nations conduct elections this weekend.
"The weekend's elections in France and Greece will be closely eyed over concerns of new governments backpedalling on the required fiscal reforms. There could be further weakness in store for the rand." According to an email authored by currency strategist Nomvuyo Guma with Standard Bank Group in Johannesburg to the news service.
The governor of the nation's central bank has gone on record stating he does not intend to intervene to pull down the currency's appreciation.
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