South Africa's rand, bonds steady; eye on Greek debt crisis

JOHANNESBURG: South Africa's rand was steady against the dollar on Wednesday with the market nervous about the outcome of the euro zone meetings on the Greek debt crisis.

At 0634 GMT the rand was trading at 11.6870, not far off from its Tuesday closing level on 11.6820.

"For today with very little in the way of macro data, the market will be holding its breath for some resolution in the EU/Greek meeting," said chief trader at Standard Bank Warrick Butler said in market note.

"Anything negative out of that and the rand, together with much of the emerging market world, could find itself under pressure once again."

Euro zone finance ministers meet later on Wednesday and EU leaders on Thursday, but officials are already downplaying the chance of a breakthrough.

The yield for the 2026 benchmark government bond were flat at 7.59 percent.