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Rand firms ahead of local economic data, FOMC

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South Africa Headlines News

In early trade the rand was at R18.75 to the dollar.

The rand firmed early on Monday ahead of local economic data releases and the Federal Reserve’s policy review later in the week. At 0726 GMT, the rand traded at R18.75 against the dollar. The rand ended last week on a higher note after analysts said a recent Ipsos poll suggested there was no alternative to the governing African National Congress, despite a fall in the party’s popular support.

South African investors will turn their attention toward March money supply, trade and budget balance figures on Tuesday for clues on the health of the economy. The dollar index was last trading down 0.33% against a basket of currencies. Global market focus will be on the US Federal Open Market Committee meeting statement on Wednesday with investors already anticipating a delay in its rate cuts. On the stock market, the Top 40 index and the broader all-share index were both up about 0.

 

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