Breaking news: Rand falls 2% against US Dollar as GDP contracts

• The South African Rand falls by more than 2% against the USD.
• South Africa's Q2 GDP contracted -0.7% Q/Q - heavily missing expectations of a 0.6% Q/Q growth.

The South African Rand fell more than 2% to trade at 15.2171 against the US Dollar after the second quarter GDP massively missed the expectations.

The second quarter South African GDP was expected to increase 0.6% over the quarter, but it actually fell -0.7% Q/Q, spurring a massive selloff in Rand as the economy enters the first recession since the financial crisis of 2008/2009.

The first quarter GDP fell -2.6% Q/Q in South Africa.