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.
Related News
US: Deloitte Consumer Spending Index rises in May
18/06/2013 - 08:10
New York – Improvements in real home prices, initial unemployment claims and real wages drove an increase in the Deloitte Consumer Spending Index last month.
Pick n Pay's Zim rival raises revenue
14/06/2013 - 09:05
Harare – Zimbabwe’s leading grocer OK Zimbabwe, whose revenues for the year to March 31 surged 16.3% to US$479.6m, is planning to open two new stores and modernise five others during the current year.
Sainsbury maintains growth record as grocer outpaces rivals
12/06/2013 - 14:06
J Sainsbury Plc (SBRY), the U.K.’s third-largest supermarket chain, reported a 34th successive quarter of same-store sales growth as the grocer increased its share of the market while its main competitors all lost ground.
Sears Hometown Q1 profit falls 27%
10/06/2013 - 09:38
Hoffman Estates, Ill. -- Sears Hometown and Outlet Stores Inc. reported a 27% drop in first-quarter earnings amid a cool spring throughout much of the country and rising costs. But the company, a spinoff from Sears Holdings Corp., pointed to improving signs in late spring.
Dollar General cuts profit forecast despite strong quarter
05/06/2013 - 08:25
Goodlettsville, Tenn. -- Dollar General reported record net income and sales during for the first quarter, but still reduced the top end of its profit forecast due to moderating same-store sales.
