South African rand having a tough week with bids chasing the offers up towards the R16.00 mark. Some underlying factors may be attributed to the controversies around Finance Minister, Pravin Gordhan’s, SARS probe and an unstable parliamentary meeting which happened earlier in the week. CPI numbers for SA came in at 6.2% YoY and March retail sales numbers coming in at 2.8%, slightly weaker than the expected 3.6%. New vehicle sales down 10.15% YoY with used vehicle sales increasing by 5.61% in South Africa. SA repo rate remained at 7%. Brent crude and WTI oil also had a run this week almost hitting $49 and $50 respectively a barrel. Prices now having pulled back to the mid $47 level. .
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