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December 2019 Economic Update

The rand had an estimated 4.5% rally in December.
  • The rand saw a strong appreciation against the dollar over the month of December. November closing value was R 14.66 which strengthened to R 14.01 at the end of December, this marked an estimated 4.5% rally for the month.
  • US Treasury indicated phase one of the trade deal will be signed off by President Donald Trump in early January. This positive news gives the markets hope that the negotiation is progressing and the trade war against China will come to an end soon.
  • The impeachment process against Donald Trump is only the fourth time it has happened in US history. Trump is being charged on abuse of power and obstruction of Congress.
  • The protests in Hong Kong sent the economy into a recession for the first time in a decade.
  • The Bank of England voted to leave interest rates on hold, the choice to wait is to get better outlook if there will be an improvement in sentiment now that Brexit is set to happen on January 31 2020.

 

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Michael Haldane

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