The rand was weaker against major global currencies on Wednesday afternoon, but its losses against the dollar were relatively contained, as the market continued to digest data suggesting SA’s growth forecast for 2018 required downward revision.The rand slid against most currencies on Tuesday, as the markets absorbed disappointing GDP numbers for the first quarter, with lower-than-expected confidence underscored by additional data on Wednesday.Earlier, the South African Chamber of Commerce and Industry’s (Sacci’s) monthly business confidence index (BCI) fell to 94 points in May, from 96 points in April. The decreased figure, coupled with the dismal GDP figures released on Wednesday spoke to the structural challenges facing the economy, said Peregrine Treasury Solutions’ Bianca Botes.The euro, meanwhile, firmed against the dollar, following a speech by newly inaugurated Italian Prime Minister Giuseppe Conte in which he said his government would not consider ditching the euro.Commentar...
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