South African Rand Weakens Ahead of Key Retail Sales Data

Investors Eye U.S. and Local Economic Indicators for Market Direction

• The South African rand weakened ahead of the release of retail sales data, trading at 18.2550 against the dollar, about 0.2% weaker than its previous close.
• The rand had previously jumped as softer-than-expected U.S. consumer inflation data boosted expectations the Federal Reserve might be done with interest rate hikes.
• Investors are looking to U.S. retail sales and producer price inflation data for further clues as to the state of the economy.
• South Africa's September retail sales data is predicted to show a 0.1% rise year-on-year.
• South Africa's benchmark 2030 government bond was stronger in early deals, with the yield down 4 basis points to 10.195%.

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