S. African rand drops ahead US economic data

The South African rand experienced a slight dip against the US dollar in early Wednesday trade, ahead of the release of key economic data.

As of 06:25 GMT, the rand stood at 18.0725 to the dollar, reflecting a 0.2 per cent depreciation compared to its previous close.

Investor focus remains on upcoming data releases that will shed light on the state of the South African economy.

Economists polled by Reuters anticipate a year-on-year increase of 0.7 per cent in May retail sales, following a 0.6 per cent rise in April.

Later in the day, Mining and Petroleum Minister Gwede Mantashe will hold a press briefing to outline his plans for the mining and petroleum sectors.

On July 18th, investors will focus on two key events: The South African Reserve Bank’s interest rate decision and President Cyril Ramaphosa’s speech in Parliament outlining the new government’s priorities.

Attribution: Reuters