[CURRENCY] At 11:30, the rand traded at R18.06 against the dollar, with this week’s major focus local inflation data out on Wednesday and an interest rate announcement on Thursday. Moneyweb Currency
The rand was slightly weaker in early trade on Monday, with this week’s major focus local inflation data out on Wednesday and an interest rate announcement on Thursday. At 0640 GMT, the rand traded at R18.10 against the dollar. The rand gained around 4% against the US currency last week, bolstered by bets that the US Federal Reserve will increase interest rates only once more because of cooling inflation in the world’s largest economy.
“Locally, everyone is looking ahead to Thursday’s MPC ,” RMB added. A majority of economists polled by Reuters predict the South African Reserve Bank will leave its main interest rate unchanged at 8.25%, although it is still a close call with a significant minority expecting another 25-basis-point hike. Wednesday’s June Consumer Price Index data could influence the Sarb’s thinking. Rand Merchant Bank predicts a deceleration in headline inflation to 5.4% year on year in June from 6.
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