Rand a little firmer after positive data

The rand was slightly firmer against major global currencies on Wednesday afternoon, gaining a little after some positive local data.

Retail sales grew faster than markets expected in January, rising 1.2% year-on-year, compared to Bloomberg’s forecast of 1.1%. The Reserve Bank also said that foreign direct investment grew to a five-year high in 2018, with inflows of R70.7bn from the prior year’s R26.8bn. The financial account surplus fell to 1.3% of GDP in the fourth quarter, but it increased to 2.9% for 2018 as a whole, from 2.4% in 2017, as inflows were recorded across all sub-accounts, said Nedbank Corporate and Investment Banking analysts.At 2.07pm, the rand had firmed 0.45% to R14.4264/$, 0.32% to R16.3954/€ and 0.79% to R19.0786/£. The euro was flat at $1.136.

The local currency is faring best against the pound, which had fallen after reports that UK Prime Minister Theresa May is seeking only a minor extension to the March 29 Brexit deadline.The main event on Wednesday, however, is the US Federal Reserve monetary policy announcement, due at 8pm local time.

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