South African rand under pressure ahead of raft of economic data

JOHANNESBURG: The South African rand was pressured by a stronger US dollar in early trade on Tuesday ahead of the release of domestic money supply, budget, trade and unemployment data later in the day.

At 0550 GMT, the rand traded at 18.4600 against the US dollar, about 0.2% weaker than its closing level on Monday.

The dollar was up around 0.2% against a basket of global currencies.

South Africa’s January money supply figures are due at 0600 GMT, followed by fourth-quarter unemployment numbers at 0930 GMT.

South African rand flat in early trade; stocks slide

January trade and budget data will be released at 1200 GMT. South Africa’s economy is expected to register minimal growth this year as record power cuts constrain businesses of all sizes.

At its first interest rate meeting of 2023, the central bank cut this year’s growth forecast to 0.3% from a previous estimate of 1.1%.