South African Rand Slips To 15-day Low Against Dollar
February 23 2010 - 2:17PM
RTTF2
The South African rand extended its European session downtrend
against the US dollar in New York deals on Tuesday. The rand, which
closed Monday's New York session at 7.7201 against the greenback,
slipped to a 15-day low of 7.7965 by about 1:20 pm ET. At present,
the pair is worth 7.7940.
Today, the Statistics South Africa announced that the gross
domestic product or GDP at market prices increased a seasonally and
annualized 3.2% sequentially in the fourth quarter, faster than the
0.9% growth in the previous quarter. Economists expected an
increase of 2.6%. A year ago, the GDP was down 4%.
On an unadjusted basis, real GDP at market prices decreased 1.4%
year-on-year in the fourth quarter, compared to the 2.2% fall in
the previous quarter. The GDP was up 1.9% a year ago.
On the economic front on Tuesday, the US Conference Board
released a report today showed that its consumer confidence index
fell to 46.0 in February from an upwardly revised 56.5 in
January.
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