* Rand reverses gains on mine jitters
* Marikana victory seen as catalyst to more strikes
JOHANNESBURG, Sept 19 (Reuters) – The rand reversed gains
against the dollar on Wednesday after a wage settlement that
ended a deadly strike at Lonmin’s Marikana mine prompted other
workers in the platinum belt to demand similar deals.
Trading will likely be thin ahead of a Reserve Bank rate
decision on Thursday where dismal current account numbers
released last week could weigh on the central bank’s outlook for
Africa’s largest economy.
In a poll by Reuters, 25 of 28 economists said they expected
rates to be left unchanged at their 40-year low of 5.0 percent.
South Africa’s consumer inflation ticked up the same level
year-on-year in August from 4.9 percent in July. The figure is
within the Reserve Bank’s band, and should support keeping rates
on hold.
However, the rand was almost 1 percent weaker at
8.2405 by 1500 GMT, from Tuesday’s New York close of 8.1795,
after big pay rises at Lonmin prompted workers at other mines to
demand more money.
Police fired tear gas and rubber bullets on Wednesday to
disperse protesters near a mine run by the world’s biggest
platinum producer, Anglo American Platinum.
The rand had rallied after news on Tuesday of the deal to
end the six-week strike at Lonmin.
Continued…
