Rand weakens at start of busy data week

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In early trade the rand was at R18.89 to the dollar.

The rand weakened in early trade on Tuesday as the US dollar rose, ahead of a leading business cycle indicator release and other economic data points later in the week. At 0634 GMT, the rand traded at R18.89 against the dollar. The dollar last traded around 0.15% stronger against a basket of global currencies.

At 0700 GMT the South African Reserve Bank will release the country’s leading business cycle indicator for July and at around 0900 GMT the government will hold its weekly government bond auction. South Africa will also release producer price inflation, money supply, trade balance and budget figures for August this week, which will give clues on the health of the economy.


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