South African rand pauses rally as investors await local data signals
- The rand traded at 17.46 against the dollar , 0.2% weaker than Friday's close
JOHANNESBURG: The South African rand softened early on Monday as investors booked profits after a rally that took the currency to a nine-month peak.
At 0603 GMT the rand traded at 17.46 against the dollar , 0.2% weaker than Friday’s close.
The risk-sensitive currency rallied on Friday, boosted by a weaker dollar and a rebound in gold prices, after US Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank’s September meeting.
It has since took a breather as investors await domestic releases to gauge the health of Africa’s most industrialised economy.
On the economic calendar this week will be South Africa’s business cycle leading indicator, producer inflation numbers, money supply and private sector credit data, and trade balance and budget balance figures.
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