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Greenback growth hurting our financial sector

Odwa Magwentshu

South Africa's rand tumbled to its weakest in more than the three months while bonds also slipped, as a rally in the dollar and U.S. Treasuries (The 10-year U.S. Treasury yield rose to 3.03 percent) coupled with rising geopolitical tension battered emerging currencies yesterday. the rand was down its weakest since January 10. The main sectors that were effected were the financial, gold and resources sectors at -1.54%, -1.59% and -1.77%. Gold Fields and AngloGold Ashanti went  down 7.6 percent and 3.8 percent respectively. Further more the ‘Big Four’ banks went down by more then 2% each by the end of the trading day.


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