JOHANNESBURG: South Africa’s rand was flat early on Monday, as the U.S. dollar traded slightly lower.

At 0654 GMT, the rand traded at 17.4700 against the dollar, 0.06% stronger than its previous close. The dollar was last down 0.039% at 103.090 against a basket of currencies.

The market will keep a close eye on the Investing in African Mining Indaba conference later in the day, which is bringing together mining company executives, investors, and mines ministers from across Africa and beyond to discuss industry issues and to network.

This week’s focus will be on President Cyril Ramaphosa’s annual State of the Nation Address in parliament on Thursday and a possible cabinet reshuffle.

“For now, we can expect the rand to track the dollar, perhaps seeing a slight risk-off tone ahead of Thursday evening,” Andre Cilliers, currency strategist at TreasuryONE said in a note.

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 2.5 basis points at 9.610%.