MSpA

Morgan Stanley Dep Shs repstg 1/1000 Pfd Ser A

19.9800
USD
1.27%
19.9800
USD
1.27%
18.4400 25.5000
52 weeks
52 weeks

Mkt Cap 799.20M

Shares Out 40.00M

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South African rand weakens as dollar on front foot

JOHANNESBURG, Aug 18 (Reuters) - The South African rand fell in early trade on Thursday, extending the previous day's losses, as the dollar traded on the front foot on global markets. Federal Reserve minutes on Wednesday pointed to U.S. interest rates staying higher for longer, boosting the dollar and hurting emerging market currencies like the rand. At 0630 GMT, the rand ZAR=D3 traded at 16.7450 against the dollar, down around 0.8% on its previous close. With no major domestic economic data releases due on Thursday, the South African currency is expected to take its cue from global drivers. June retail sales ZARET=ECI published on Wednesday registered a surprise fall, adding to evidence the economy performed poorly in the second quarter. Next week the data calendar is busier with July consumer ZACPIY=ECI and producer ZAPPIY=ECI inflation, second-quarter unemployment ZAUNR=ECI and a leading business cycle indicator ZALEAD=ECI. The South African government's benchmark 2030 bond ZAR2030= was little changed in early deals, the yield down 0.5 basis points to 10.165%. (Reporting by Alexander Winning Editing by Mark Potter) ((alexander.winning@tr.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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