Last week, the South African government announced more measures to ease coronavirus-related restrictions. Ironically, it did this at a time when the number of infections is rising. According to Worldometer, the country has confirmed more than 80,000 infections and almost 1,700 deaths.
This week, the rand will move in reaction to several important numbers from the country. On Tuesday, the bureau of statistics will release the first quarter’s unemployment rate data. While this will be an important number, it will not provide a clear picture of the country’s economy because it will not include April when the lockdown started.
On Wednesday, the office will release the April inflation numbers. Analysts polled by Reuters expect that the headline CPI rose by 3.4% in April while the core CPI rose by 3.8%. It will also release the March retail sales data. Finally, on Thursday, the office will release the factory gate prices.