South African rand firms after local retail sales, US inflation data

At 14:00 GMT, the rand traded at 18.3525 against the dollar, 0.22% stronger than its previous close

Bhargav Acharya, Bizcommunity.com

May 17, 2024

PHOTO

South Africa's rand held onto its gains on Wednesday, 16 May, 2024 after encouraging domestic retail sales figures and a US inflation report.
At 14:00 GMT, the rand traded at 18.3525 against the dollar, 0.22% stronger than its previous close.

The dollar index was last trading down 0.25% against a basket of currencies.

US consumer prices increased less than expected in April, boosting expectations that the Federal Reserve may cut interest rates in September.

South African retail sales rose 2.3% year on year in March after decreasing by a revised 0.7% in February, Statistics South Africa figures showed.

On the stock market, the Top-40 index was trading 0.8% higher while the broader all-share index was up 0.7%.

South Africa's benchmark 2030 government bond was stronger, with the yield down 10 basis points at 10.415%.

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