Posts Tagged ‘south-africa’

USDZAR Hovers Below Resistance with S. Africa’s Credit Rating in Jeopody

by Christopher Lemieuxon July 3, 2014 5:32 pm BST
South Africa’s economic troubles continue as nearly 220,000 miners and metal workers pose a strike, which could affect the weak economy’s manufacturing output by a third. The strike within platinum miners over wages, during the last five months, already caused a growth contraction during the first quarter. The negative growth outlook is raising concerns at […]

Platinum Strikes Hurting S. Africa GDP; Platinum Intraday Outlook

by Christopher Lemieuxon May 30, 2014 1:49 pm BST
The ongoing platinum miner strike, which involves some 70,000 workers, is taking its toll on South Africa’s growth outlook. Contracting growth is weighing on Africa’s second largest economy, and the central bank is looking to do something rather contrarian: hike interest rates. Interest rates are usually increased as a country’s economy strengthens, but South Africa […]

Emerging Market FX Weekly Pick: USDZAR

by Christopher Lemieuxon February 27, 2014 3:27 am BST
The South African rand fell after the growth outlook has been slashed, and the Finance Minister Pravin Gordhan said that public debt is most likely going to increase over the next few years. Growth expansion is expected to hit 2.7 percent according to the Treasury, down from original forecasts of three percent. “The lower growth […]

Strike Deter Platinum Miners’ Production; Platinum Up in 2014

by Christopher Lemieuxon January 20, 2014 7:13 am BST
South Africa represents 73 percent of worldwide platinum production, and labor strikes are common-ground among the largest miners. Lonmin PLC and Impala Platinum Holdings Ltd. are expected to receive strike notices, once again, over wages since the South African union called a labor stoppage. If demands on pay are not met, the Association of Mineworkers […]