South African Rand Holds Steady
The South African rand held steady on Tuesday as traders shrugged off a second-quarter economic contraction driven by higher energy costs from the Iran wars. Gross domestic product contracted 0.2 percent on a seasonally adjusted quarter-on-quarter basis.
Insights:
The South Africa rand held steady at midday Tuesday, trading at 15.9950 against the dollar despite a second-quarter economic contraction. The reading marked the country's first economic contraction in nearly two years. Higher energy costs driven by the conflict in Iran weighed heavily on domestic demand, mining, and manufacturing.
