South Africa Rand Steady Against Firmer U.S. Dollar

The South Africa rand went flat in early trade on Monday, struggling to make gains against a broadly stronger dollar, ahead of local manufacturing data due later in the day.

At 0615 GMT, the rand traded at around R14.66 against the dollar, largely unchanged from its previous close on Friday.

The US dollar remains supported as the Federal Reserve readies to move interest rates sharply higher.

The investor calendar this week is packed with central bank meetings – Singapore, South Korea, New Zealand, and the European Central Bank – and inflation data, including that from the United States, which will provide steers on policy tightening.

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South African-focused investors will also look to the latest manufacturing figures due on Monday, as well as retail sales and mining data due later in the week for clues on how the economy has performed at the start of 2022.

Government bonds also weakened, with the yield on the benchmark 2030 maturity rising 3 basis points to 9.625%.

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