Rand slips on Wednesday – Moneyweb


The  rand slipped early on Wednesday ahead of the release of domestic inflation and retail sales figures later in the day.

At 0611 GMT, the rand traded at 17.07 against the US dollar, 0.1% weaker than its previous close.

In global markets, the dollar was up about 0.2% against a basket of currencies.

Consumer inflation likely eased to 7.2% year-on-year in December from 7.4% in November, according to analysts polled by Reuters. The report from Statistics South Africa is due at around 0800 GMT.

Meanwhile, retail sales is expected to have fallen 0.2% year-on-year in November, compared with a 0.6% drop in October. That report is due to be published at 1100 GMT.

The rand fell steeply on Monday on mounting concerns over crippling power cuts, which prompted President Cyril Ramaphosa to cancel plans to visit the World Economic Forum in Davos.

The currency close closed little changed on Tuesday.

The government’s benchmark 2030 bond ZAR2030= was slightly stronger in early deals on Wednesday, with the yield down 4 basis points at 9.820%.

Source link

Related Articles