JOHANNESBURG: South Africa's rand slipped to a three-week low in early trade on Wednesday as robust U.S. economic data supported the dollar.
* At 0640 GMT, the rand traded at 14.3725 per dollar, 0.82 percent weaker than its New York close on Tuesday.
* The currency was trading at its weakest levels since April 1.
* The market's appetite for dollars was boosted after data on Tuesday showed sales of new U.S. single-family homes jumped to a near 1-1/2-year high in March, easing concerns of a sharp slowdown in the world's largest economy.
* "Against a backdrop of a firmer USD, the local unit has traded weaker as offshore demand for USD has outweighed supply," Nedbank analysts wrote in a note.
* "Various factors - including a steadily increasing crude oil price, apparent concerns regarding the financial state of the electricity utility and the impending local elections - are weighing on the local unit," they added.
* South Africa holds parliamentary and provincial elections that will determine the country's next president on May 8.
* In fixed income, the yield on the benchmark government bond due in 2026 rose 0.5 basis points to 8.555 percent.
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