Advertise with

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

Rand slides after retail sales data


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

Mobile Consumers Prefer NFC Technology over Competing Alternatives - USA
16/02/2015 - 12:54
Massachusetts – The NFC Forum and Strategy Analytics today unveiled the results of a comprehensive retail research report and web survey on mobile consumer engagement and purchases, revealing the needs and preferences of today's mobile-centric consumer.

Retail sales to rise 4.1% in 2015 in biggest increase in five years - USA
16/02/2015 - 09:51
Washington, D.C. - Retail sales (excluding automobiles, gas stations, and restaurants) will increase 4.1% in 2015, up from 3.5% in 2014, according to the National Retail Federation’s 2015 economic forecast.

Retail sales hit 9-month high as consumers buy cheap
12/12/2014 - 08:44
Retail sales increased to a nine-month high in October supported by increased activity at general dealers and clothing and food retailers.

SA consumers losing control of their money
13/11/2014 - 11:38
About 73% of South African consumers did not feel in control of their financial situation in the third quarter of 2014, according to the MBD Consumer Financial Vulnerability Index released on Wednesday.

‘Pent-up demand’ following metals strike helps drive September retail sales
13/11/2014 - 11:33
Retail trade sales as measured in real terms (constant 2012 prices) increased by 2.3% year on year in September.