The ZAR traded down to 13.87 in an event filled day as investors hunt for higher yield and the Eskom headline about a possible debt restructuring supported the move lower. Our local R186 is trading at its lowest level this year with the yield currently at 8.04%. Gold, which rallied after the Fed minutes last night, lost ground and ends the day about $16/ounce lower than the intraday high while the price of Palladium dropped after testing $1,600. EURUSD has been fairly flat while the pound has remained under pressure.
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