The South African (SA) Rand was little changed in early trade on Friday as investors awaited domestic budget and trade balance data while keeping an eye on a key US trade review and next week’s local government elections.
The Rand traded at 16.6175 against the Dollar, little changed from its previous close.
Later in the day, the SA Revenue Service is due to release September trade balance figures, with analysts polled by Reuters expecting a surplus of $987.32 million.
The National Treasury will also publish September budget balance data.
Market participants are also awaiting Monday’s outcome of the annual review of SA’s eligibility for African Growth and Opportunity Act (AGOA) benefits in 2027, while local government elections are scheduled for Wednesday.
“Dollar and Rand is trading cautiously, with markets reluctant to establish significant positions ahead of Monday’s AGOA deadline and Wednesday’s local government elections,” ETM Analytics said in a note.
SA’s benchmark 2035 government bond was slightly firmer in early deals, with the yield falling 2.5 basis points to 8.53%.
–Reuters–
