No Thanksgiving Day break for JSE watchers
Thursday is a busy day in SA, with an interest rate decision as well as results from Tiger Brands, PPC, Stenprop, Freedom Property and Primeserv
With the US closed for Thanksgiving, it will be a quiet day for international markets. But it is a busy day in SA, with an interest rate decision, along with results from Tiger Brands, PPC, Stenprop, Freedom Property and Primeserv. The rand was back comfortably under R14/$, R16/€ and R18/£, with traders appearing to bet Reserve Bank governor Lesetja Kganyago will raise interest rates when he announces the monetary policy committee’s verdict at 3pm on Thursday. After reaching R13.83/$ on Thursday, the rand was trading at R13.93/$, R15.87/€ and R17.81/£ at 6.20am.
Of the 21 economists in a Bloomberg survey, 11 forecast the repo rate will be increased by 25 basis points to 6.75%, and the rest predict the rate will stay at 6.5%. “In November, policymakers are unlikely to vote unanimously. With the retirement of monetary policy committee member Brian Kahn at the end of September, the panel currently consists of six members, which means a 50-50 split of votes is possible,” PwC Strat...