South African rand firms after local retail sales, US inflation data
South Africa's rand held onto its gains on Wednesday, 16 May, 2024 after encouraging domestic retail sales figures and a US inflation report.
Source: Reuters.
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%.
Source: Reuters
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