A quiet start to the week with the world waiting on the Fed to provide some form of hint on what they intend to do with rate hikes going forward. The Fed are however still split over the timing of interest rate hikes. The rand has still held on resiliently at levels of between R13.20- R13.40 for the past week. If anything, the local coalition announcements may have an effect on the rand in the near term. U.K released stronger than expected Retail Sales, up 1.4% in July vs consensus of 0.2%. Israel released better than expected GDP numbers for Q2 at 3.7%. Private consumption also sky-rocketed 9.5% in Israel’s second quarter.
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