It was one of those interesting weeks that optimistic South Africans could have done without. Early in the week we were informed that the economy did even worse than we had expected — going backwards at a 3.2% annual rate in quarter one. The news immediately weakened the rand — not only against the dollar — the rand also lost about 5% to a peer group of other emerging market exchange rates.

Emerging market currencies generally ended the week stronger against a weaker dollar that fell back against the euro and other developed economy currencies as US Federal Reserve (Fed) interest-rate cuts loomed.

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