S. Africa’s rand strong ahead of upcoming retail data

The South African rand strengthened early on Wednesday preceding December retail sales data, after falling more than 1 per cent against the U.S. dollar the day before, according to Reuters.

The rand was 0.2 per cent stronger at 07:47 GMT, closing at 19.1000 versus the U.S. dollar.

In comparison to a global currency basket, the dollar barely changed. Tuesday saw it hit a three-month high as U.S. inflation surprised analysts and raised hopes that the Federal Reserve would maintain interest rates in March.

South Africa data and statistics retail sales data for December are expected at 1100 GMT. A 0.7 per cent annual decline is anticipated by economists surveyed by Reuters.

The Top-40 index on the Johannesburg Stock Exchange saw a 0.2 per cent decrease. The benchmark 2030 government bond for South Africa saw a slight decrease in value and an increase in yield of 1 basis point to 10.120 per cent.