Retail sales in January grew faster than market expectations, while foreign direct investment jumped to a five-year high in 2018
The rand was slightly firmer against major global currencies on Wednesday afternoon, gaining a little after some positive local data.
Retail sales grew faster than markets expected in January, rising 1.2% year-on-year, compared to Bloomberg’s forecast of 1.1%. The Reserve Bank also said that foreign direct investment grew to a five-year high in 2018, with inflows of R70.7bn from the prior year’s R26.8bn. The financial account surplus fell to 1.3% of GDP in the fourth quarter, but it increased to 2.9% for 2018 as a whole, from 2.4% in 2017, as inflows were recorded across all sub-accounts, said Nedbank Corporate and Investment Banking analysts.At 2.07pm, the rand had firmed 0.45% to R14.4264/$, 0.32% to R16.3954/€ and 0.79% to R19.0786/£. The euro was flat at $1.136.
The local currency is faring best against the pound, which had fallen after reports that UK Prime Minister Theresa May is seeking only a minor extension to the March 29 Brexit deadline.The main event on Wednesday, however, is the US Federal Reserve monetary policy announcement, due at 8pm local time.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail sales recover in January after pitiful December figuresConsumer spending drives more than 60% of SA's GDP
Read more »
13 killed after car and bakkie collide in horror West Rand crashAt least 13 people have died after in a head-on collision on the N12 between Fochville and Westonaria in Johannesburg, paramedics say.
Read more »
Rand weakens on continued rolling power cutsEskom said it would continue with planned power cuts on Monday and Tuesday after it stepped up rolling blackouts on Saturday, underscoring the risks to businesses in Africa’s most industrialised economy.
Read more »
Rand steady despite load-sheddingGlobal markets are waiting for fresh catalysts, which could come on Tuesday from yet another Brexit vote
Read more »
Ascendis debt hole deepensCompany ascribes rise in financial gearing to the weaker rand and increased short-term debt facilities
Read more »
Ebumnandini: We won't vote until we get what we wantThe community is now threatening a shutdown on election day while calling for their informal settlement to be proclaimed a township.
Read more »
Rising oil price, weak rand, levies set to send fuel price rocketing, says AAThe Automobile Association (AA) is predicting an increase of up to R1,18 for petrol and R0.90 more for diesel in April.
Read more »
Rand firmer ahead of US Fed meetingThe dollar is under strain amid market expectations of a dovish US Fed stance, while load-shedding is a local risk factor
Read more »
Water cuts imminent without electricity: Rand WaterRand Water says if power cuts continue to be a daily occurrence, water restrictions will be imposed.
Read more »
Water cuts imminent without electricity: Rand WaterRand Water says if power cuts continue to be a daily occurrence, water restrictions will be imposed.
Read more »