South African rand little changed in early trade

JOHANNESBURG: South Africa’s rand was little changed in early trade on Friday, after gaining some ground the day before against a weaker US dollar.

At 0624 GMT, the rand traded at 18.5400 against the dollar, near its previous close of 18.4550.

The dollar index was little changed at 105.25, after slipping overnight on the back of US data showing that the labour market was cooling further. No South African data is scheduled for release on Friday.

South African rand steady ahead of manufacturing figures

Traders will be looking toward US inflation readings next week for clues about the trajectory of US interest rates.

The rand, like most emerging market currencies, takes direction from US economic data points in addition to local events. South Africa’s benchmark 2030 government bond was stronger in early deals, with the yield down 3.5 basis points to 10.495%.