South Africa's rand weaker, focus on Fed minutes and retail sales data
JOHANNESBURG, Oct 17 (Reuters) - South Africa's randweakened in early trade on Wednesday as the dollar strengthenedagainst most major peers, with the market awaiting domesticretail sales figures and minutes from the U.S. Federal Reserve'slatest policy meeting.
* At 0614 GMT, the rand traded at 14.2150 perdollar,0.32 percent weaker than its New York close on Tuesday.
* "Current levels are likely to provide opportunity fordollarbuyers, but if the rand consolidates at these levels, an attemptat the 14.0000 level and beyond would seem likely," Nedbankanalysts said in a note. "However, the release of the FOMCminutes tonight are likely to be key."
* Market participants will be looking for clues on thedollar'sdirection and the path ahead on U.S. interest-rate hikes fromminutes of the Federal Reserve's September meeting, due forrelease later on Wednesday.
* Markets will also closely watch South Africa's Augustretailsales data due at 1100 GMT for fresh clues on the health of theeconomy.
* In fixed income, the yield on the benchmark instrument duein2026 was up 1 basis point to 9.17 percent in earlytrade.
(Reporting by Olivia Kumwenda-MtamboEditing by Andrew Heavens)
Messaging: olivia.kumwenda.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |