May 23, 2018 / 7:25 AM / a year ago

South Africa's rand weaker ahead of inflation data

JOHANNESBURG, May 23 (Reuters) - South Africa’s rand was weaker on Wednesday as trade war fears resurfaced, while local consumer inflation data will be in focus later in the session.

* At 0702 GMT the rand was 0.76 percent weaker at 12.6650 rand against the dollar.

* “This morning global factors have once again weighed on the rand, concerns regarding the North Korea summit and Trumps apparent disappointment with the talks with China,” said analysts at Nedbank in a note.

* Trump said on Tuesday he was not pleased with recent trade talks between the U.S. and China, souring recently improved market sentiment.

* Statistics South Africa publishes April inflation figures at 0800 GMT with forecasts anticipating a sharp jump in consumer prices.

* The central bank is expected to keep rates unchanged at 6.5 percent on Thursday according to a Reuters survey of 25 economists.

* Ratings agency Standard & Poor’s will announce its latest review on Friday.

* In fixed income, the yield for government bonds due in 2026 were little changed, up 0.2 basis points to 8.57 percent.

* Stocks were expected to open lower, with the JSE’s Top-40 futures index down 0.5 percent. (Reporting by Patricia Aruo Editing by Joe Brock)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below