JOHANNESBURG: South Africa’s rand was trading stronger early on Tuesday, in line with other emerging market currencies, as the dollar slipped ahead of key U.S. economic data.
At 0747 GMT, the rand traded at 19.2475 against the dollar, about 0.25% stronger than its previous close.
The dollar index was down about 0.08% against a basket of global currencies as markets looked ahead to a week of U.S. data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.
South African rand weakens as traders cautious ahead of budget
There were no major South African data releases due on Tuesday. Producer price inflation, M3 money supply and private sector credit extension, trade and budget balance figures for January will be released later this week.
On the stock market, the Top-40 index was down 0.28% while the broader all-share was down 0.32% in early trade.
South Africa’s benchmark 2030 government bond was stronger in early deals, with the yield down 5 basis points to 10.190%.
Comments
Comments are closed for this article.