Trade report 18/07/2013
On Wednesday the rand rose for a fourth consecutive day against the dollar, boosted in part by stronger than expected retail sales data for May. Growth in sales quickened more than expected to 6.2 percent year-on-year in May from a revised 2 percent in April, cementing market expectations that the central bank will not cut rates. The USD-ZAR is expected to trade at9.80-9.9500 today.
The US central bank is still planning to scale back its bond buying programme later this year said Federal Reserve Chairman Ben Bernanke on Wednesday, but he left open the option that the plan could change should the economic outlook shift. "Our asset purchases depend on economic and financial developments, but they are by no means on a preset course," said Mr. Bernanke in remarks prepared for delivery to the House of Representatives Financial Services Committee.
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