The rand was firmer against the dollar on Tuesday afternoon, but slightly weaker against other major currencies, after upbeat eurozone GDP data provided renewed support for the bloc’s currency.The dollar had clawed back some lost ground on Monday, but lost out again following the release of the data, which indicated the eurozone economy expanded 2.5% in 2017.This was its best performance since 2007, when it grew 3%. The eurozone grew faster than the US, which expanded 2.3% for the year.The rand was also supported by reports that the ANC’s national working committee (NWC) had instructed the party’s top six officials to tell President Jacob Zuma to step down before the state of the nation address, in February.Local data earlier was positive. The Reserve Bank reported that private-sector credit extension grew 6.72% to R3.5-trillion in December‚ an acceleration from November’s 6.48% annual growth. A Trading Economics consensus poll had expected credit extension growth to slow to about 6...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.