The rand was firmer just before midday on Tuesday, in spite of the release of disappointing third-quarter GDP data earlier in the morning. At 11.31am, the rand was at R13.6020 to the dollar from Monday’s R13.7198. It was at R14.6397 to the euro from R14.7700 and R17.3464 to the pound from R17.4694 The euro was unchanged at $1.0764. SA’s economy grew at a slower pace than expected in the third quarter, by a seasonally adjusted and annualised 0.2% after a 3.3% acceleration in the second quarter. GDP for the first quarter had contracted 1.2%. Markets had expected growth of between 0.3% and 0.6% during the third quarter when compared to the second quarter. TreasuryOne currency dealer Andre Botha said that although the GDP number was important, the effect of South African data on the rand had been negligible of late, which was a trend that was expected to continue. Standard Bank’s Warrick Butler said the country would need to grow markedly, at a GDP per capita of roughly 1% a year, while...
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