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The South African rand showed little movement in early trade on Wednesday as investors awaited inflation, retail sales, and business confidence data that could provide insight into the country’s economic outlook.
At 0532 GMT, the rand traded at 16.0125 per U.S. dollar, nearly unchanged from its previous close of 16.0175.
Traders are monitoring January consumer inflation data, due at 0800 GMT, and November retail sales, scheduled for release at 1100 GMT.
Economists polled by Reuters expect annual inflation to ease to 3.4% in January from 3.6% in December.
Investec economist Lara Hodes said, “Fuel prices decreased in January, with the petrol price down -66c/litre. Moreover, international food prices, which affect domestic prices through export/import parity, decreased by -2.1% m/m in January.”
She projected inflation would rise modestly by 0.2% month-on-month, bringing the year-on-year rate to 3.5%.
Nedbank economists, however, forecast CPI to remain at 3.6%, with upward pressure from food inflation, particularly elevated meat prices due to the continued impact of foot-and-mouth disease.
Private sector sentiment will be gauged from the South African Chamber of Commerce and Industry’s business confidence index, set for release at 0930 GMT.
South Africa’s benchmark 2035 government bond was flat in early deals, with the yield at 7.195%.
