Rand slightly weaker ahead of local CPI data
by Colleen Goko,
2016-03-23 09:20:13.0
THE rand was marginally weaker against major currencies on Wednesday morning ahead of the release of local inflation data.
Standard Bank expects inflation, as measured by the consumer price index (CPI), to have accelerated to 6.9% year on year in February. Core inflation is expected to have remained unchanged at 5.6% year on year.
Statistics SA will release CPI data at 10am
At 8.48am, the rand was trading at R15.2443 to the dollar from R15.2090 at Tuesday’s close.
It was at R17.0808 against the euro from R17.0545 previously and at R21.6444 against the pound from R21.6150 previously.
In other currency markets, the dollar was largely unchanged against the yen and the euro in range-bound Asian trade on Wednesday as comments from US Federal Reserve officials supported the greenback in the wake of the Brussels attacks, Dow Jones Newswires said.
The bombings in Brussels left about 30 people dead and many more injured, prompting yen buying that pulled the dollar as low as ¥111.38 overnight. Later, the US currency found support on upbeat comments from Fed officials.
Chicago Fed president Charles Evans said the US economy had "good fundamentals". During Asian trade, Philadelphia Fed president Patrick Harker said the improved outlook increasingly favoured short-term interest-rate increases.
But the US currency lacked fresh incentives to gain more traction and remained stuck between ¥112.15 and ¥112.50, the newswire said.
The dollar was at ¥112.44 at about 4.50am GMT, slightly higher than the ¥112.40 it was trading at late on Tuesday in New York.
The euro was slightly weaker at $1.1204 from $1.1214. The common currency was at ¥126.00 from ¥126.05.
The WSJ Dollar index, a measure of the dollar against a basket of major currencies, was up 0.11% at 87.42.
Rand notes. Picture: THINKSTOCK
THE rand was marginally weaker against major currencies on Wednesday morning ahead of the release of local inflation data.
Standard Bank expects inflation, as measured by the consumer price index (CPI), to have accelerated to 6.9% year on year in February. Core inflation is expected to have remained unchanged at 5.6% year on year.
Statistics SA will release CPI data at 10am
At 8.48am, the rand was trading at R15.2443 to the dollar from R15.2090 at Tuesday’s close.
It was at R17.0808 against the euro from R17.0545 previously and at R21.6444 against the pound from R21.6150 previously.
In other currency markets, the dollar was largely unchanged against the yen and the euro in range-bound Asian trade on Wednesday as comments from US Federal Reserve officials supported the greenback in the wake of the Brussels attacks, Dow Jones Newswires said.
The bombings in Brussels left about 30 people dead and many more injured, prompting yen buying that pulled the dollar as low as ¥111.38 overnight. Later, the US currency found support on upbeat comments from Fed officials.
Chicago Fed president Charles Evans said the US economy had "good fundamentals". During Asian trade, Philadelphia Fed president Patrick Harker said the improved outlook increasingly favoured short-term interest-rate increases.
But the US currency lacked fresh incentives to gain more traction and remained stuck between ¥112.15 and ¥112.50, the newswire said.
The dollar was at ¥112.44 at about 4.50am GMT, slightly higher than the ¥112.40 it was trading at late on Tuesday in New York.
The euro was slightly weaker at $1.1204 from $1.1214. The common currency was at ¥126.00 from ¥126.05.
The WSJ Dollar index, a measure of the dollar against a basket of major currencies, was up 0.11% at 87.42.
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