Advertise with fastmoving.co.za
 
 

Rand slides after retail sales data
Rand slides after retail sales data

Rand slides after retail sales data

INTERNATIONAL NEWS

Fin24 - Mar 15th 2012, 15:49

Johannesburg - The rand slid against the dollar in late afternoon trade on Wednesday after worse than expected local retail sales data as well as strong support for the greenback against the euro following remarks made yesterday by the Federal Open Market Committee (FOMC).
 

"The weaker euro and the bad retail sales data are the culprits when it comes to the rand," Anton Grobbelaar, managing director of Peritus Forex Solutions, said.

"If the dollar rand closes above 7.62, we'll soon be looking at the 7.76 level," he added.

At 15:39 local time, the rand was bid at R7.6555 to the dollar from its previous close of R7.5292 - a drop of 1.73%. It was bid at R9.9918 to the euro from R9.8453 before, and at R12.0125 against sterling from R11.8215 previously.

The euro was bid at $1.3052 from its previous close of $1.3080. 

Read more about: us dollar | retail sales | rand | forex

Related News

Retail sales growth increases 4.9% in February, says Stats SA
19/04/2018 - 10:55
Retail sales growth increased 4.9% in February from the same month in 2017, Statistics SA reported.

Retail sales volumes highest in six years
15/03/2018 - 10:42
The discretionary spending power of consumers is slowly returning as inflation slows and the rand strengthens.

Retail spending up in December on stronger rand, says Mastercard
12/02/2018 - 09:56
Retail spending grew 3.8% in December on the back of the stronger rand and lower inflation, according to Mastercard.

Stronger rand lifts clothing retailers
20/12/2017 - 16:28
Share prices of clothing retailers rose strongly on Tuesday, lifted by the stronger rand, but analysts suspect the rally may end soon.

Stocks hit record highs, rand weaker
06/10/2017 - 11:31
The main stock indexes closed at record highs yesterday as investors, taking their cue from emerging market peers, piled into everything from banks and miners to telecoms.