JOHANNESBURG: The South African rand was little changed in early trade on Wednesday ahead of S&P Global’s release of a local economic survey and minutes from the U.S. Federal Reserve’s June meeting.
At 0613 GMT, the rand was flat against the dollar at 18.6900.
The dollar last traded at 103.160, around 0.09% stronger against a basket of global currencies.
South African rand firms as trading volumes likely to be thin on US holiday
“Market participants are eagerly awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes for June,” said First National Bank in a research note.
The report will give hints on the Fed’s future interest rate plans and policymakers are expecting at least two additional hikes by year-end as inflation remains sticky, they added.
Locally, S&P Global will release the whole economy Purchasing Managers Index (PMI) data for South Africa at 0715 GMT, giving clues on the health of Africa’s most industrialised economy.
South Africa’s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 4 basis points to 10.500%.
Comments
Comments are closed for this article.