The rand was weaker against major global currencies on Wednesday morning, tracking a slightly weaker euro, as investor concerns about the implications of a trade war continued to weigh on markets. The rand was range-bound on Tuesday, and is expected to continue to remain in that state until major events later in the week, including the release of US inflation data on Thursday. A rising oil price has also come to the attention of the market. Brent crude could test $80 a barrel this week, even as early as Wednesday, said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana. "Iranian exports appear to be falling faster than anticipated, while US production growth is beginning to slow, raising concerns of tightening global supply."
Local focus is on retail trade data for July, due at 1pm, while the South African Chamber of Commerce and Industry business confidence index for August is due at 11.30am. The local currency had found some support on Tuesday, when ratings agency Moody’s upg...
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