JOHANNESBURG: The South African rand slipped in early deals on Monday, as traders readied for a raft of local data and the US dollar firmed ahead of a flurry of rate decisions, including from the US Federal Reserve.
At 0600 GMT, the rand traded at 17.3975 against the dollar, about 0.2% weaker than its Friday close.
The dollar was up about 0.1% against a basket of currencies, supported by concerns the US Federal Reserve could keep rates higher for longer amid signs of persistent inflationary pressures.
The risk-sensitive rand is highly susceptible to shifts in global investor sentiment and the US monetary policy outlook.
This week, domestic data that could influence rand trading includes October mining output on Tuesday, November consumer inflation and October retail sales on Wednesday, and November producer inflation on Thursday. Business confidence data is also expected.
South African rand steady ahead of Q3 GDP data
The Fed and the European Central Bank are also holding their policy meetings this week.
The South African government’s benchmark 2030 bond was slightly firmer in early deals, with the yield falling 3 basis points to 10.44%.
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