2024-02-21 08:37:16
The South African rand rose in early trade on Wednesday, with domestic inflation data and the 2024 budget due later in the day the main points of interest.
At 0550 GMT, the rand traded at 18.8825 once morest the dollar, regarding 0.2% stronger than its previous close.
Statistics South Africa will release the January Consumer Price Index (CPI) around 0800 GMT, with economists polled by Reuters forecasting a modest increase in year-on-year inflation to 5.4% from 5.1% in December.
The central bank has said it wants to see a clearer trend toward disinflation before cutting interest rates.
From 12:00 GMT, Finance Minister Enoch Godongwana will present this year’s budget, outlining the government’s spending priorities, revenue collection strategies and updated economic forecasts.
Economists predict the budget will show some slippage from last year’s midterm budget, with lower mining tax revenues contributing to larger budget deficits.
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