The South African (SA) Rand was steady in early trade on Tuesday, ahead of Central bank data which is expected to offer fresh clues on the outlook for Africa’s most industrialised economy.
The Rand traded at 16.0225 against the Dollar, little changed from its previous close.
The SA Reserve Bank is due to publish the country’s leading business cycle indicator for June, which includes data on vehicle sales, business confidence, money supply and other factors.
The Dollar index drifted higher to 99 against a basket of currencies as investors assessed Washington’s expanded Iran, related sanctions, while oil prices recovered ground after settling down more than 2% in the previous session.
United States Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions against Iran and warned countries to cut business ties with Iran or risk being forced out of the dollar-based financial system.
Like other risk-sensitive currencies, the rand has been driven by global market sentiment, particularly since the start of the U.S.-Iran war on February 28.
Later in the week, domestic investors’ focus will turn to July producer inflation data and budget balance figures, for further insight into the country’s economic conditions.
SA’s benchmark 2035 government bond was steady in early deals, with the yield at 8.535%.
–Reuters–
