Johannesburg - The rand was largely flat against the dollar early on
Monday following volatile moves the previous week as the greenback's
recent bull-run paused, with no obvious direction as US markets are
closed for a holiday.
At 08:06, the rand had softened 0.02% to R11.6675/$, near the upper end of a recent range between R11.3000 and R11.8000.
Government bonds were weaker in early trade as yields ticked up, with the highly-traded instrument due in 2026 adding 6 basis points to 7.6%
"The past two weeks have seen the rand surge stronger and fail, then run weaker and fail," said John Cairns, market analyst at Rand Merchant Bank, adding that a return to volatility toward the end of the week could push the rand lower.
"Risks are skewed for a renewed test of R11.8900 given the weakness in other risk-currencies, that [and] the market is closer to the top than the bottom of the range.
Stats SA statistics agency publishes in January consumer inflation numbers on Wednesday, with a Reuters poll of economists seeing the annual figure easing to 4.5% from 5.32% the previous month.
Government bonds were weaker in early trade as yields ticked up, with the highly-traded instrument due in 2026 adding 6 basis points to 7.6%
"The past two weeks have seen the rand surge stronger and fail, then run weaker and fail," said John Cairns, market analyst at Rand Merchant Bank, adding that a return to volatility toward the end of the week could push the rand lower.
"Risks are skewed for a renewed test of R11.8900 given the weakness in other risk-currencies, that [and] the market is closer to the top than the bottom of the range.
Stats SA statistics agency publishes in January consumer inflation numbers on Wednesday, with a Reuters poll of economists seeing the annual figure easing to 4.5% from 5.32% the previous month.
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