The South African Rand began the new week on the back foot against the US Dollar ahead of the BRICS summit and the South African CPI inflation numbers for July.
South Africa will host the BRICS summit of emerging market economies from Tuesday to Thursday, with the bloc’s potential expansion being on the agenda.
The CPI inflation data for July, due out on Wednesday, will also be closely watched by Rand traders.
South Africa’s annual headline inflation is expected to have slowed down further to 5% in July from 5.4% in June.
If expectations were met, inflation would turn out to be within the South African Reserve Bank’s 3%-6% target range for a second straight month.
Another key event this week will be the Federal Reserve’s Jackson Hole symposium in Wyoming, which could provide interest rate guidance and set US Treasury yields on one course or another.
As of 9:17 GMT on Monday USD/ZAR was edging up 0.11% to trade at 18.9951. Last week, the exotic Forex pair went up as high as 19.2972. The latter has been the pair’s strongest level since June 7th (19.3032).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
