The South African (SA) Rand was steady in early trade on Monday as investors awaited this week’s inflation data and the Central bank’s policy decision for fresh clues on the interest rate outlook in Africa’s most industrialised economy.
The Rand traded at 16.2375 against the Dollar, a whisker away from its previous close.
Traders are focused on August consumer inflation data and the SA Reserve Bank’s policy decision, both due on Wednesday.
Headline inflation cooled to 4.3% year-on-year in July, the first fall in five months.
The Central bank is widely expected to raise its main lending rate on Wednesday after surprising investors and economists by leaving it unchanged at its previous meeting, saying policy was restrictive enough to return inflation to target within two years.
SA’s benchmark 2035 government bond was steady in early trade, with the yield at 8.685%.
–Reuters–
