The rand strengthened on Monday, briefly falling below R17.70, but this momentum is likely to slow as we near the release of local inflation figures on Wednesday.
. Despite weak South African mining and unemployment data, the rand closed at R18.08 against the US dollar on Tuesday, nearly 20 cents lower than the week’s opening and about 60 cents below the previous week’s peak. Mining production fell from 0.1% in May to -1.6% in June, while unemployment rose from 32.9% in Q1 to 33.5% in Q2.
The South African Chamber of Commerce and Industry reported a rise in its Business confidence index to 109.1 in July, up from 109.0 in June and 107.8 in May. Additionally, Statistics South Africa revealed that retail sales increased by 4.1% year-on-year in June, following a revised 1.1% rise in May. In the US, data showed a moderate increase in consumer prices in July, with annual inflation slowing to below 3% for the first time since early 2021.
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