Trade report 04/07/2013
The rand was flat against the dollar on Friday and looked to tread a narrow range in the absence of major market-moving economic data, both locally and abroad. By 08:48, the local currency traded at R9.7245/$, barely changed from its New York close at R9.7300 on Thursday. The USD-ZAR is expected to trade at 9.65-9.8000.
In other local news prices at the factory gate rose much more than expected last month, suggesting that the weaker rand is beginning to increase prices for producers, particularly input costs such as fuel. Better than expected consumer inflation on Wednesday, however, suggests that producers are not passing on the higher prices to consumers, given weak demand and a sluggish economic growth environment.
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