Johannesburg - The rand treaded a narrow range against the dollar in
cautious trade ahead of local economic growth data and a Federal Reserve
testimony that should give further clues on the US interest rate
outlook.
Traders and analysts were also primed for Wednesday's
national budget speech, with economists polled by Reuters expecting
finance minister Nhlanhla Nene to keep his budget deficit target
unchanged from October forecasts.
At 06:49 GMT the rand was trading at R11.6600/$, barely changed from Monday's close at R11.6475.
Government bonds edged higher, with the yield on paper due in 2026 easing 3.5 basis points to 7.645%.
Statistics SA was due to release fourth-quarter GDP data at 09:30 GMT, with a Reuter’s poll suggesting quarter-on-quarter growth of 3.7%, up from 1.4% in the third quarter.Should the data come in lower than the market has priced in, it would add some pressure on the currency ahead of the day’s next main event," Standard Bank chief trader Warrick Butler said, referring to Fed chair Janet Yellen’s testimony to the US senate.
At 06:49 GMT the rand was trading at R11.6600/$, barely changed from Monday's close at R11.6475.
Government bonds edged higher, with the yield on paper due in 2026 easing 3.5 basis points to 7.645%.
Statistics SA was due to release fourth-quarter GDP data at 09:30 GMT, with a Reuter’s poll suggesting quarter-on-quarter growth of 3.7%, up from 1.4% in the third quarter.Should the data come in lower than the market has priced in, it would add some pressure on the currency ahead of the day’s next main event," Standard Bank chief trader Warrick Butler said, referring to Fed chair Janet Yellen’s testimony to the US senate.
No comments:
Post a Comment