South African rand slips ahead of economic data test

Statistics South Africa will publish January consumer inflation figureslater today as well as December retail sales. Photographer: Waldo Swiegers/Bloomberg

Statistics South Africa will publish January consumer inflation figureslater today as well as December retail sales. Photographer: Waldo Swiegers/Bloomberg

Published Feb 15, 2023

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The South African rand slipped against a stronger dollar early on Wednesday ahead of the release of local inflation, business confidence and retail sales figures later in the day.

At 08:00, the rand traded at 17.9800 against the dollar, more than 0.3% weaker than its previous close.

The dollar was up about 0.2% against a basket of global currencies.

Statistics South Africa will publish January consumer inflation figureslater today as well as December retail sales.

The South African Chamber of Commerce and Industry will publish its January business confidence index at 0930 GMT.

All three releases could influence rand trading if they bring in surprises, after the local currency has mainly tracked global factors so far this week.

Economists polled by Reuters predict inflation to ease to 6.9% in annual terms in January from 7.2% in the prior month, while they expect retail sales to contract 0.1% in December after a 0.4% growth in November.

The South African government's benchmark 2030 bond was weaker in early deals, with the yield up 6 basis points at 9.900%.

Reuters