The rand was softer in afternoon trade on Friday but off the day’s lowest levels, as the dollar weakened against the euro and the pound was sharply firmer for a second consecutive day. Weaker commodity prices put a damper on further rand appreciation on the day. Geopolitical tension created by North Korea’s recent missile launch over Japan kept the dollar on the back foot. Retail sales data out of the US also had an effect as sales earlier this year were less robust than expected. Spending at US retailers fell in August with consumers buying fewer goods at home-improvement stores, car dealerships and online, Dow Jones Newswires reported. Retail sales increased by a revised 0.3% in July, down from an originally reported 0.6% increase. Consumer spending is the main engine of the US economy, accounting for more than two-thirds of total economic output. Weak data may lessen the chances of an interest-rate hike in the US later in the year. On Thursday, rand losses against the pound were ...
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