South African rand strengthens against weaker dollar
Updates prices to reflect afternoon trade, adds U.S. data in paragraphs 4-5, analyst comment in paragraph 8
JOHANNESBURG, July 25 (Reuters) -The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.
At 1534 GMT, the rand traded at 18.3350 against the dollar ZAR=D3, 0.26% stronger than its previous close.
The dollar index =USD was last down 0.1% against a basket of currencies.
The U.S. economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, data showed.
The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components - the Fed's favoured measure of inflation - increased at a 2.9% rate in the second quarter after surging at a 3.7% pace in first quarter.
South Africa's producer inflation was flat at 4.6% year on year in June, Statistics South Africa said.
On Wednesday, data showed headline consumer inflation eased to 5.1% year-on-year in June from 5.2% in May ZACPIY=ECI, also fuelling hopes of an interest rate cut by the South African Reserve Bank.
"SA (South Africa) inflation data prints between now and the September MPC (Monetary Policy Committee) meeting will be key," said Investec Chief Economist Annabel Bishop.
On the stock market, the Top-40 .JTOPI index closed 0.12% higher.
South Africa's benchmark 2030 government bond ZAR2030= rose, as the yield slipped 2.7 basis points to 9.475%.
Reporting by Tannur Anders and Bhargav Acharya; Editing by Toby Chopra and Timothy Heritage
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