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 16.6525 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 August, which includes data on vehicle sales, business confidence, money supply and other factors.
Markets are also awaiting the Federal Reserve’s policy decision on Wednesday for fresh guidance on the outlook for interest rates.
Traders are pricing in about an 11% chance of a rate hike this week and an 82% chance of a December increase, according to the CME’s FedWatch Tool.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly United States monetary policy, alongside domestic economic data.
SA’s benchmark 2035 government bond was steady in early deals, with the yield at 8.62%.
–Reuters–
