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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,

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 Date

Release Time

Event

Date

Reporting Agency

March 24th

7:00 GMT

Leading Indicator

JAN

South African Reserve Bank

March 26th

09:30 GMT

PPI (YoY)

FEB

Statistics South Africa

March 26th

13:00 GMT

SARB Interest Rate Announcement

MAR

South African Reserve Bank

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