Trade report 04/06/2013
ZAR outlook
As the market awaits current account and consumer inflation data due for release later today the rand was flat at around R10/$ in early Wednesday trade. The quarterly bulletin released by the South African Reserve Bank contains data on household consumption expenditure and fixed capital formation. The most anticipated‚ however‚ will be the current account deficit data‚ as it has implications for the rand.
In international news a bigger than expected drop in second-quarter earnings was posted by the worlds second largest fashion retailer, H&M. The drop in sales can be attributed to low consumer morale and bad weather in its main European market. The Swedish retailer said that although sales got off to a good start in June their inventory heading into the third quarter is bigger than was planned and the situation remains challenging in many of its major markets.
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