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Rand flat; focus shifts to key retail data

South African-focused investors will turn their attention to retail figures on Wednesday and mining production data on Thursday for clues on the health of the economy.

Picture: EWN

JOHANNESBURG - The rand was flat against the dollar on Wednesday as investors were reluctant to take big positions amid a lack of clarity on the prospects for a trade deal between Washington and Beijing.

US President Donald Trump on Tuesday in a much-awaited speech on his administration’s economic policies said that Washington and Beijing were “close” to a phase-one deal, but gave no further information on the negotiations.

At 0600 GMT, the rand traded at R14.9230 per dollar, largely unchanged from its last close.

South African-focused investors will turn their attention to retail figures on Wednesday and mining production data on Thursday for clues on the health of the economy.

In fixed income, the yield on the benchmark government bond rose by 1.5 basis points to 8.485% in early trade.