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South Africa: Wrap-Up and Look Ahead (March 23-27)

South Africa: Wrap-Up and Look Ahead (March 23-27)

Kara Dailey, Contributor

Talking Points:

  • Retail Sales increased by 1.7% (y/y) in January
  • CPI fell by 0.5pp to 3.9% in February and still remains within the targeted 3-5%
  • The SARB will announce their next interest rate decision on March 26th

The Rand regained some of its footing against the US Dollar this week, given South Africa’s rise in retail sales and additional drop in inflation. This newly compiled data will be taken under consideration as the South African Reserve Bank looks to make their next interest rate decision on Thursday March 26th.

South Africa’s retail sales increased by 1.7% (y/y) in January, and by 0.6% in the final quarter of 2014. With a notable upturn in the exchange of textiles and clothing, retail sales provide an encouraging sign for economic growth which is expected to slow in the first quarter of 2015. In offering further support, CPI fell 0.5 pp to 3.9% in February, leaving the indicator well within the SARB’s targeted 3-5 percent range.

Looking forward at the week ahead, the rand will likely be affected by the following Events:

Release DateRelease TimeEventDateReporting Agency
March 24th7:00 GMTLeading IndicatorJANSouth African Reserve Bank
March 26th09:30 GMTPPI (YoY)FEBStatistics South Africa
March 26th13:00 GMTSARB Interest Rate AnnouncementMARSouth African Reserve Bank

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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