South African rand subdued ahead of key economic releases this week
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…
Johannesburg — The South African rand experienced a subdued start to trade on Monday, as investors awaited a slew of economic data releases this week, in order to gauge the country's economic health. At 0655 GMT, the currency was trading at 15.9675 against the US dollar, barely moving from its previous level, and appeared to be largely unaffected by the release of reserves data.
According to data from the country's central bank, published on Monday, South Africa's net foreign reserves climbed to $73.69 billion by the end of August, up from $71.76 billion in July. The focus will now shift towards the release of second-quarter GDP data on Tuesday, followed by the publication of current account, mining, and manufacturing figures on Thursday.
Despite a surge in US rate-hike expectations, the greenback remained relatively stable against a basket of currencies, with market participants closely monitoring the situation as geopolitical tensions in the Middle East have raised concerns about inflation risks, which may prompt global central banks to tighten monetary policy simultaneously.
South Africa's benchmark 2035 government bond saw a slight decline in early dealings, with its yield rising by 1 basis point to 8.53%.
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