JOHANNESBURG: The South African rand was slightly firmer in early trade on Wednesday, ahead of local retail sales figures and US Federal Reserve minutes due to be released later in the day.
At 0620 GMT, the rand traded at 16.3800 against the dollar, more than 0.1% stronger than its previous close.
June retail sales numbers will be published around 1100 GMT, with analysts polled by Reuters expecting a 0.4% increase compared to a 0.1% rise in May.
Other data releases suggest South Africa’s economy struggled for momentum in the second quarter, amid damaging floods and extensive power cuts.
South African rand opens weaker as dollar firms
The Fed minutes, due around 1800 GMT, should shed more light on the US interest rate trajectory and be a major driver across global markets.
The South African government’s benchmark 2030 bond was a touch stronger in early deals, with the yield down 2 basis points at 10.060%.
Comments
Comments are closed.