The South African rand drifted stronger in early trade on Tuesday, but analysts said they struggled to see a clear trend for the currency before a raft of upcoming local and international data releases.

At 0730 GMT, the rand traded at R18.45 against the dollar.

Local data releases this week include July money supply, private sector credit and budget numbers on Wednesday, and July producer inflation and trade figures on Thursday.

ETM Analytics said those releases from the middle of the week plus the build-up to US non-farm payrolls data on Friday meant the local market had a lot to contend with.

“It is difficult to pick any clear direction in these early trading sessions of the week,” ETM Analytics added. “Investors are urged to keep directional position-taking somewhat limited to avoid any unexpected volatility.”

On the Johannesburg Stock Exchange, the blue-chip Top 40 index last traded about 0.1% weaker than its closing level on Monday. South Africa’s benchmark 2030 government bond was stronger in early deals, with the yield down 3.5 basis points to 10.125%.

Source link

(This article is generated through the syndicated feed sources, Financetin doesn’t own any part of this article)

See also  Biden nominates North Korea human rights envoy, first since 2017 By Reuters

Leave a Reply

Your email address will not be published. Required fields are marked *