Just like Groundhog day (without the nostalgia), it’s unfortunately more of the same for the local unit and economy.
SA’s 2nd quarter GDP was released at -0.7% yesterday, confirming the economy has entered a technical recession. The rand lost close on 3% as it touched 15.38/$, 17.80/€ and 19.76/£ (that’s no typo).
Only one question remains, where to from here? With trade war tension between the US and China set to intensify and weakness in EM currencies, dare we say things could get worse. US trade balance figures (14h30) and speeches from Fed members this evening will be the highlights for today.