South Africa's rand retreated from 2-1/2-month highs on Friday as a recent rally lost steam with some investors booking profits and paring bets ahead of inflation data in the United States.
Rand backtracks as investors cash in on rally
Rand at 14.3200 at 0645 GMT, 0.63 percent softer than New York close. The unit gained more than 2 percent on Thursday in global risk-on rally.
A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo
* Rand at 14.3200 at 0645 GMT, 0.63 percent softer than New York close. The unit gained more than 2 percent on Thursday in global risk-on rally.
* Rand could resume gains with risk appetite boosted by firm GDP print from China. Low rate environment in developed world also supporting high-yielding emerging market assets.
* Markets eyeing U.S. inflation, retail and manufacturing data for clues on timing of interest rate hikes.
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* Stocks due to open slightly lower at 0700 GMT, futures index down 0.24 percent.
* Government bonds check rally, yields up 2.5 basis points to 8.7 percent.
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