Rand little changed at start of data-filled week

The rand was little changed in early trade on Monday, ahead of a week jam-packed with economic data releases.

At 0655 GMT, the rand traded at R18.79 against the dollar.

The dollar last traded around 0.1% weaker against a basket of global currencies.

This week “starts slow but ends with some top-tier events,” said Rand Merchant Bank analysts in a morning briefing.

Global focus will be on inflation data out of some of the world’s biggest economies and a speech by US Federal Reserve Chair Jerome Powell on Friday.

Locally, investors will focus on trade and budget balance and supply-side inflation data later in the week.

Like other risk-sensitive currencies, the rand often takes cues from both local and global events.

South Africa’s benchmark 2030 government bond was marginally weaker in early deals, with the yield up 0.5 basis points to 10.200%.