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Markets

South African rand steady at start of data-filled week

Published February 11, 2019 Updated February 11, 2019 07:21am

JOHANNESBURG: South Africa's rand steadied against the dollar in early session on Monday, as traders focus on a slew of data due in the week that will provide insight into the nation's economic performance in the final quarter of last year.

* At 0635 GMT, the rand traded at 13.6175 per dollar, barely changed from its close of 13.6150 on Friday.

* Statistics South Africa will publish fourth-quarter 2018 unemployment figures and December manufacturing production numbers on Tuesday.

* The statistics agency will release December retail sales numbers on Wednesday, while mining production data for the same month is due on Thursday.

* Markets focus also on Finance Minister Tito Mboweni's budget speech on Feb. 20.

* "The U.S. dollar, which softened a touch against the euro last week, should provide an anchor to EM currencies this week depending on how political posturing plays out," RMB analysts Nema Ramkhelawan-Bhana and Mpho Tsebe said in a note.

* "The upshot is that in the absence of any feel-good local data, the rand and, by implication, local benchmark bonds, will have little impetus to veer from their current trading ranges, with investors likely to apply a light touch to domestic markets until Minister Mboweni's budget pronouncements next week," they added.

Copyright Reuters, 2019

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