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Rand firmer ahead of US retail sales data
Rand was firmer at midday on Tuesday as the market awaited June US retail sales figures to be released in the afternoon...
© alexmillos – 123RF.com
The consensus view is that US retail sales rose an annual 0.2% in June from 1.2% in May.
At 11.33am, the rand was at R12.4185 against the greenback from a close of R12.4458 on Monday.
The rand was at R13.6793 against the euro from a previous close of R13.6965 and at R19.2163 to the British pound from R19.2778 previously.
The euro was at $1.1016 from its previous close of $1.1006.
If retail sales comes in more negative than consensus, it could benefit risk-on trade, leading to short-term rand strength.
Barclays Research said in a note the May reading was slightly below consensus, leading to the rand strengthening by 0.9% within an hour of release.
"We expect the rand to respond positively to the US data today," Barclays said.
There was little focus on the Greek deal amid a lack of new developments as the global spotlight shifted to the Greek parliament which is under pressure to approve the country's debt bailout conditions by Wednesday.
The rand has so far shown little reaction to the Greek deal, trading within a range of R12.39/$ and R12.52/$. This is in line with a stable euro, trading between $1.09 and $1.11 after the announcement on Monday.
The rand usually strengthens when the dollar weakens and gains on euro strength in short-term trade.
Source: BDpro
Source: I-Net Bridge
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