The rand was flat against major global currencies on Friday morning, after weakening slightly overnight, coming under pressure after the release of positive US economic data.
US GDP growth in the fourth quarter of 2018 beat market expectations, rising 2.6% year on year, and slightly raising the expectation that the US Federal Reserve may accelerate its monetary policy tightening. At 9.40am the rand was almost unchanged at R14.0879/$, R16.0185/€ and R18.6756/£. The euro was flat at $1.137.
There are some data releases to give the market direction on Friday, including the Absa purchasing managers index for February, due at 11am. Internationally, consumer inflation data for the eurozone is due at 12pm SA time. A manufacturing PMI, also for the eurozone, for February is also due at 11am.