August 19th, 2008

ZAR
Platinum down another 5% and 1,000/oz off the high; foreigners dumping local bonds
break through 1.4660 in EUR should see 1.4500; watch PPI
good GDP is one plus side
- 4.9% in 2q from 2.1% in Q1; recovery in mining and manufacturing output (contributed 3.1% to overall GDP)
- big shift waspower outages in Q1 to stable electricity supply in Q2;
- finance and business sectors halved in growth from 4.9% in Q1 to 2.3% in Q2; demonstrates broad theme of weakening domestic expenditure and evidence of weakening bank loan and real estate demand
- interest-rate sensitive sector of retail and wholesale trade actually contracted 2.2%, more than expected
- Agriculture the star performer for 2nd straight quarter; from commodity prices
- maintain forecast for 3.2% for 2008 (2007 - 5.1%, 2009 = 2.8%)
7.7940, 7.8340, 7.8750 (38.2%, 50%, 61.8% fib)


THB
Equities down 1% and political tensions on the rise spot getting bid up
Hungreds of PAD supporters marching on British Embassy in bangkok to protest for extradition of Thaksin