South African rand subdued ahead of key economic releases this week
- The rand traded at 15.9675 against the dollar , little changed from its previous close
The South African rand was subdued as investors awaited key economic data this week, including GDP, current account, mining, and manufacturing figures, for insights into the economy's health.
- Upcoming South African economic data releases.
- South Africa's rising net foreign reserves.
- Global currency market dynamics and Middle East tensions.
JOHANNESBURG: The South African rand was subdued in early trade on Monday, as investors awaited a raft of economic data this week, including gross domestic product, current account, mining and manufacturing figures, for clues on the health of the economy.
At 0655 GMT, the rand traded at 15.9675 against the dollar , little changed from its previous close, with the market largely shrugging off reserves data.
South Africa’s net foreign reserves rose to $73.69 billion at the end of August from $71.76 billion in July, central bank data showed on Monday.
Focus will now turn to second-quarter GDP data due on Tuesday, followed by current account, mining and manufacturing figures on Thursday.
The greenback last traded flat against a basket of currencies despite a ramp-up in US rate-hike bets, as tension in the Middle East heightened inflation risks that could force global central banks to tighten policy in tandem.
South Africa’s benchmark 2035 government bond weakened slightly in early deals, as the yield rose 1 basis point to 8.53%.