South African Rand Surges Against USD, Eyes on Mining and Retail Sales Data for Momentum Boost.
South African Rand gained against USD last week, strengthening by a further 0.6% to 18.37. We noted last week the Rand was in position to potentially make some of the gains it was slated to in 2023 prior to a diplomatic spat with the US. Recent inflationary data and a hawkish central bank have helped support the currency. A dip in manufacturing and foreign exchange reserves last week, however, limited the Rand’s climb. Rand holders will be hoping for positive mining and retail sales data in the coming week.
Published on 15 May 2024
The South African Rand strengthened by a further 0.6% against the USD to 18.37, buoyed by recent inflationary data and a hawkish central bank, although a dip in manufacturing and foreign exchange reserves limited its climb, leaving investors hopeful for positive mining and retail sales data in the coming week.
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