Yesterday, South Africa's rand slipped again as weak economic data from China kept investors away from risk-sensitive currencies. In the afternoon, the rand traded at 19.0025 against the dollar , down around 1.6% from its previous close. The currency has lost more than 6% against the dollar this month.
Chinese data showed on Tuesday that both imports and exports fell more than expected, pointing to softening global demand. "A global slowdown may encourage major developed markets' central banks to ease off their tightening, but it also means the possibility of financial market volatility and a rise in risk aversion," ETM Analytics said.
Source: reuters.com
