The rand was weaker against the dollar on Tuesday afternoon after US retail sales exceeded market expectations slightly, as investors anxiously watch US economic data ahead of the US Federal Reserve’s interest-rate decision.
During his testimony before US legislators last week, Fed chair Jerome Powell said the central bank would consider various economic data, including retail sales, ahead of the rate decision at the end of July. “Powell sent a clear message to the market at his semi-annual testimony last week: the US rate cuts are primarily destined to avoid the US–China trade war from interfering with encouraging US fundamentals,” she said.
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