Market volumes traded have fallen drastically over the last week as the world awaits some form of direction from the US fed. Janus Capital’s, Bill Gross, has stated that he thinks Yellen will raise interest rates by 25 basis points later this month. Nigeria slipped into recession after reporting lower growth figures for two consecutive quarters. The rand has slipped from around R13.85 last week to 14.70 against the US dollar on the back of both the Gordhan/Zuma saga as well as Futuregrowth Asset Management halting all investments into top SA government parastatals. Technical analysts have a target of around R15.15 to the US dollar in the near future. Gold and platinum have now hit three-month-lows and oil now at a three week low for a barrel.
Read more in the document below:
The Over Budget Olympics? | Cannon Asset Managers research