South African rand firms as August retail sales data on tap
JOHANNESBURG, Oct 16 (Reuters) -South Africa's rand gained in early trade on Wednesday, ahead of domestic retail sales data that could provide some early hints on the growth prospects of Africa's most industrialised economy, analysts said.
At 0652 GMT, the rand traded at 17.5950 against the U.S. dollar ZAR=D3, about 0.3% firmer than its previous close.
The dollar =USD last traded about 0.1% stronger against a basket of currencies.
Local investors will turnto South Africa's August retail sales data ZARET=ECI at 1100 GMT.
"Given the economy's dependence on consumption, retail sales are an important 'early indicator' of South Africa's growth prospects," said ETM Analytics in a research note.
Lower interest rates, slow inflation and potential continued strength in the rand could help retail sales looking forward, the note added.
South Africa's benchmark 2030 government bond ZAR2030= was little changed in early deals.
Reporting by Tannur Anders; Editing by Sumana Nandy
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
