Rand flat ahead of local retail sales data

The rand was flat in early trade on Wednesday, ahead of local retail sales figures due to be released later in the day.

At 0647 GMT, the rand traded at 17.46 against the dollar, 0.03% weaker than its previous close.

July retail sales numbers will be published around 1100 GMT, with analysts polled by Reuters expecting an 8.4% increase compared to a 2.5% fall in June.

“A weakening retail sector performance would be unfavourable for headline growth numbers in the country as consumption expenditure accounts for 60% of GDP,” said analysts at ETM.

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 7 basis points to 10.265%.

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