The South African (SA) Rand was steady in early trade on Wednesday ​as traders cautiously assessed President Donald Trump’s ‌assertion that the United States was in negotiations to end to the war with Iran.

The Rand traded at ​16.92 against the Dollar, roughly 0.5% ⁠up from its previous close, but ​broadly range-bound.

The greenback last traded flat against ​a basket of currencies.

“The Dollar, Rand remains in a holding pattern for now,” ETM Analytics said. Investors ​across most markets were waiting for ​a fresh catalyst to “galvanise a theme or direction ‌on ⁠which to trade,” it added.

On Thursday, investor attention will mainly be pinned on the SA Reserve Bank’s interest rate ​decision, when ​economists ⁠polled by Reuters expect the bank to keep the rate ​steady at 6.75%.

On the Johannesburg Stock ​Exchange, ⁠the Top-40 index was up 1.1% in early trade.

SA’s benchmark 2035 government ⁠bond ​also strengthened in early ​deals, as the yield fell 6 basis points to ​8.975%.

–Reuters–