020 7898 0500The South African rand finally strengthened on Tuesday, ending a week-long slide triggered by a walk-out of metal workers as they disputed over pay. News emerged yesterday that an agreement has been made between the 220,000-strong workforce and their employers. As a result, we saw a flow of investment returning to the South African economy, helping the South African rand hit its highest level against sterling since before the strike.
Australian labour data came our worse than expected this week showing the overall rate of unemployment in the country was higher than expected at 6% causing the Australian dollar to weaken.
The Japanese yen also gained from the global slump across the stock markets, as it has traditionally been viewed as a safe haven for investors to buy into in times of uncertainty.
There are no significant data releases today.
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