MARKET WRAP: Rand touches worst intraday level since November
Weak Chinese data and fears about global growth weighed on emerging market currencies
The rand weakened along with other emerging market currencies on Monday, touching its worst intraday level since November as investors digested disappointing Chinese data, which added to concerns about global growth.
Chinese data painted a dire picture of the world’s second largest economy. The country’s retail sales for April fell 11.1% against estimates of a 6.1% drop, while industrial production dropped 2.9% against estimates of a 1.4% increase. The Covid-19-driven lockdowns also saw Chinese unemployment rise to 6.7% in April...