South African rand firmer ahead of local inflation data
The South African rand edged up in early trade on Wednesday, as traders awaited inflation and retail sales data that will shed light on the country's economic outlook.
At 0624 GMT, the rand traded at 16.39 against the dollar, about 0.2% firmer than its previous close.
Domestically-focused traders are waiting for December consumer inflation data due at 0800 GMT and November retail sales at 1100 GMT.
Economists polled by Reuters expect annual inflation will come in at 3.6% for December, up from 3.5%.
This is inline with Nedbank economists who anticipate inflation will rise slightly from 3.5% in November to 3.6%, mainly due to higher fuel prices.
The bank's economists said petrol prices increased by 1.4% during the month, leading to a smaller year-on-year decline in fuel costs.
"On the positive side, food inflation is likely to ease marginally from 4.4% to 4.3% as softer cereal and other food prices offset the impact of persistent meat price increases linked to foot-and-mouth disease," said Nedbank in a research note.
Retail sales are forecast to rise from 2.9% in October to 4.8% in November, reflecting the surge in spending associated with Black Friday promotions, based on Nedbank's forecasts.
Economists polled by Reuters expect retail sales to edge down to 2.5% in November from 2.9% the month prior.
South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 1.5 basis points to 8.43%.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
