[miningmx.com] – LOWER than expected mining production growth, the threat of load-shedding by power utility, Eskom, and a shift towards emerging markets could combine to weaken the South African rand, said Reuters citing economists.
“We no longer have positive global factors off-setting local negatives: suddenly both factors are playing in the same direction,” said Rand Merchant Bank currency analyst John Cairns in a note quoted by Reuters.
“Foreigners aren’t panicking but their shift from aggressive buyers to neutral is enough to leave the rand to weaken,” he said.
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