ZAR falls by more than 2% against the USD
South Africa's Q2 GDP showed a contraction of 0.7% q/q - heavily missing expectations of a 0.6% q/q growth. That sees the economy enter its first recession (Q1 showed a decline of 2.6%) in almost a decade - since the financial crisis. Farming output was the main drag alongside consumer spending when looking at the details.
With emerging markets already under much pressure lately, this surely isn't welcome news to say the least.
