The rand was unchanged from overnight levels on Tuesday, but off the weakest levels of the day after the latest retail sales data held promise of improved GDP growth for the year. Retail sales in July were 1.3% higher than in the same month in 2017, matching consensus forecasts. Year-to-date retail trade sales are 2.9% ahead of the 2017 figure, but this number has steadily been declining since March, capping further gains for the rand in a firmer dollar environment. Retail growth numbers have steadily been declining since March, implying that consumer spending is running out of steam in the second half of the year, said FNB analyst Jason Muscat. "The latest data has been underwhelming and this is likely due to the additional strain of VAT increases and higher transport costs."
Globally, investor sentiment has turned negative as markets await the next trade-tariff development, Franklin Templeton analysts said. The US government had been expected to give an update after a public...
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