The South African Rand (ZAR) rose from its lowest level in seven weeks after the decline in retail sales eased in May and South Africa’s construction workers ended a strike that threatened next year’s soccer World Cup. The Rand strengthened by as much as 1.8% to ZAR 8.1390 per US Dollar (USD) and was 1.4% higher at ZAR 8.1718 per USD at 4:59 p.m. in Johannesburg. The Rand gained 0.6% to 11.4981 Euros (EUR).
The week-long strike ended today after employers agreed to a wage increase of 12%. While meeting the December date for the completion of the stadiums will “be tight,” the deadline will be met, said Schalk Ackerman, a spokesman for the South African Federation of Civil Engineering Contractors.
After ending the strike “sentiment will improve a bit and that will also help the stock market,” said Ion de Vleeschauwer, Chief Dealer at Bidvest Bank in Johannesburg. Read the rest of this entry »
