JOHANNEBURG - The South African rand dipped in cautious trade ahead of a busy economic calendar this week, which kicked off with the Q1 GDP release according to NKC Research.
While the first quarter growth figures beat expectations – with a contraction of 2 percent q-o-q smashing the analyst forecast of around -4 percent q-o-q – sentiment remained weak as Covid-19 infections soared across the country. Weak trade and fiscal figures are expected to keep the local unit on the back foot over the short term, especially against a global backdrop of second-wave fears.
Source: News Formal (newsformal.com)
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