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JOHANNESBURG: The South African rand was steady on Monday, as investors awaited economic cues from local data releases including December mining and manufacturing figures, as well as a State Of The Nation address by President Cyril Ramaphosa due this week.

At 0640 GMT, the rand traded at 15.4500 against the dollar, not far from its Friday close of 15.4450.

Ramaphosa typically uses the annual address to parliament to announce reforms in key policy areas. Previous addresses have laid out plans to overhaul struggling state-owned power utility Eskom and address the country's power crisis.

"Ramaphosa will have the opportunity to talk a big game and put a more positive spin on the reform narrative," ETM Analytics said in a research note.

Other potential drivers this week include January business confidence on Wednesday, and December mining and manufacturing numbers expected on Thursday.

South African rand inches higher; analysts expect rate hike next week

"Strong prints would support the argument for a more hawkish South African Reserve Bank going forward, and could provide the rand with some added resilience in the face of a tightening global monetary cycle," ETM Analytics said.

Earlier on Monday, central bank data showed the country's net reserves edged down in January, but there was little impact on the rand.

The government's benchmark 2030 bond was flat in early deals, with the yield falling 1 basis point to 9.315%.

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