South Africa’s rand retreated from one-week highs early on Thursday as investors booked profits and treaded cautiously ahead of a European Central Bank meeting expected to give clues on the duration of its trillion dollar bond-buying program.
* At 0650 GMT the rand traded 0.36 percent weaker at 13.8850 per dollar from its close at 13.8350 overnight.
* Rand remains poised to resume its rally after testing the 13.80 level seen before last week’s 4 percent collapse when the Finance Minister Pravin Gordhan was charged with fraud.
* Higher local CPI, weak retail sales data on Wednesday erased hopes of rate cuts by the SARB, and showed that growth concerns were still weighing on Africa’s most industrialised economy.
* Reserve Bank Governor Lesetja Kganyago is set to speak at business conference at 0700 GMT.
* Government bonds weaker in early trade, yield on 10-year benchmark adds 1 basis points to 8.79 percent.
* Blue chip futures index were up 0.22 percent indicating markets to open higher when trade starts at 0700 GMT.
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.