{"id":8220,"date":"2021-04-12T17:12:21","date_gmt":"2021-04-12T17:12:21","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=8220"},"modified":"2021-04-12T16:41:34","modified_gmt":"2021-04-12T16:41:34","slug":"rand-trades-on-the-back-foot","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot","title":{"rendered":"Rand trades on the back foot"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG \u2013 The rand steps back from a six-week high on a dollar bounce, as US producer prices saw another powerful rise last month on the back of rising energy prices and strengthening economic momentum according to NKC Research.<\/p>\n<p>The fiscally stimulated revival of consumer demand and strong base effects will lead to faster annual inflation rates in the spring. However, these should be temporary dynamics, and we expect the Fed to remain accommodative through mid-2023.<\/p>\n<p>On local soil, South Africa\u2019s economic growth forecast for this year has been revised to 2.5 percent . This came after two consecutive months of increases in the Absa Purchasing Managers\u2019 Index (PMI) and an acceleration in new vehicle sales last month.<\/p>\n<p>At the close of local trade, the rand quoted 0.22 percent weaker at R14.59\/$, after trading in the range of R14.51\/$ \u2013 R14.62\/$. The local unit extended losses during this morning\u2019s Asian trading session. The expected range of the rand against the dollar today is R14.55\/$ \u2013 R14.70\/$.<\/p>\n<p><b>Brent crude oil<\/b><\/p>\n<p>The Brent oil price remained in a narrow band on Friday as rising supply and uncertainty over Covid-19\u2019s impact on fuel demand kept a lid on gains. At the close of local trade, benchmark Brent crude futures quoted 0.14 percent higher at $63.05pb. Crude prices wobbled during Asian trade this morning.<\/p>\n<p><b>BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. JOHANNESBURG \u2013 The rand steps back from a six-week high on a dollar bounce, as US producer prices saw another powerful rise last month on the back of rising energy prices and strengthening economic momentum according to NKC Research. The fiscally stimulated revival of consumer demand and strong base effects will lead [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":8219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-8220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rand trades on the back foot - South Africa<\/title>\n<meta name=\"description\" content=\"JOHANNESBURG \u2013 The rand steps back from a six-week high on a dollar bounce, as US producer prices saw another powerful r ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rand trades on the back foot\" \/>\n<meta property=\"og:description\" content=\"JOHANNESBURG \u2013 The rand steps back from a six-week high on a dollar bounce, as US producer prices saw another powerful r ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-12T17:12:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-6074781e658e2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Rand trades on the back foot\",\"datePublished\":\"2021-04-12T17:12:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\"},\"wordCount\":228,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/04\/img-6074781e658e2.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/rand-trades-on-the-back-foot\",\"name\":\"Rand trades on the back foot - 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