JOHANNESBURG: The South African rand was slightly stronger in early trade on Monday, at the start of a week containing several important local and global economic data releases that could move markets.
At 0743 GMT, the rand traded at 18.7025 against the dollar, up 0.2% on its previous close.
The dollar was little changed against a basket of global currencies.
The rand fell more than 2% against the US currency last week, mirroring declines in other emerging market currencies, as hawkish comments by US Federal Reserve Chair Jerome Powell lifted the dollar and dented global risk appetite.
South African rand stable after week of gains
US inflation data due on Tuesday will be closely watched after Powell said further interest rate hikes may be needed to bring inflation within the bank’s target range.
Local investors will look to South Africa’s third-quarter unemployment figures on Tuesday and September retail sales on Wednesday to gauge the health of Africa’s most industrialised economy. On the Johannesburg Stock Exchange, the blue-chip Top-40 index was up about 0.4% in early trade.
South Africa’s benchmark 2030 government bond was a touch stronger, the yield down 3 basis points at 10.380%.
Comments
Comments are closed for this article.