The South African rand continued Monday’s good performance into yesterday, touching a two week high against sterling. This was helped by confirmation from the country’s AMCU union that the six-month platinum production strike was finally over, ending the longest work stoppage in the country’s history. Platinum is one of the country’s major exports, and with the economy so commodity-reliant, cutting out the production of platinum has had a marked impact on the economy.
The Russian rouble rallied to the highest levels since January amid reports of a rebel cease-fire in Ukraine. Hundreds have died over the last month in fighting between pro-Russia rebels and the Ukraine government, and the cease-fire has, as a result, shored up markets and given traders confidence to resume investment in the region. Another fairly quiet day on the data-front today means that markets will be susceptible to external factors.
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