Rand loses ground

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THE rand lost further ground on Friday morning as the dollar staged a comeback ahead of the release of the US GDP data for the fourth quarter of 2016.

 

The US economy is expected to have expanded 2.2% in the fourth quarter‚ according to Trading Economics‚ down from 3.5% in the third quarter.

 

The data may provide short-term direction for the dollar relative to other currencies‚ including the rand.

 

The rand hit highs of R13.1968 to the dollar on Thursday before slipping to R13.44.

 

The rand faced further pressure from disappointing producer price inflation (PPI) data for December.

 

PPI accelerated to 7.1% in December; economists had expected no change to producer inflation.

 

At 8.39am‚ the rand was at R13.4440 to the dollar from R13.3566‚ at R14.3484 to the euro from R14.2649 and at R16.8775 to the pound from R16.8141.

 

The dollar was at $1.0672 to the euro from $1.0680. – search regex/BusinessLIVE

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