The South African (SA) Rand steadied in early trade on Thursday as investors awaited domestic producer inflation data due later in the day, while the Dollar traded in a narrow range ahead of the Jackson Hole symposium.
The Rand traded at 15.95 against the Dollar, little changed from its previous close.
Statistics SA will publish July producer inflation numbers, with analysts polled by Reuters expecting producer inflation at 6.1%.
Producer inflation fell to 7.5% year-on-year in June from 7.8% in May.
The US Dollar index , which measures the greenback against a basket of currencies including the Yen and the Euro, was steady after paring gains from an eight-day high.
Investors this week are focused on the annual Jackson Hole symposium, a closely watched central banking conference, with particular attention on remarks from US Federal Reserve Chair Kevin Warsh that could offer clues on the Fed’s policy path.
Like other risk-sensitive currencies, the Rand tends to take its cues from global developments, including US economic data and policy signals, alongside domestic economic data.
SA’s benchmark 2035 government bond was slightly firmer in early deals, as the yield fell 1 basis point to 8.445%.
–Reuters–
