South Africa’s rand softened against the dollar early on Tuesday, ahead of local trade and budget balance figures. At 0739 GMT, the rand traded at R18.70 against the dollar. Local investor eyes will be on South Africa’s National Treasury and revenue service department, which will release March budget and trade balance figures respectively later in the day.
Earlier, South African Reserve Bank data showed South Africa’s March M3 money supply growth was at 6.85% year-on-year and credit growth at 5.18% year-on-year. M3 is a measure of money supply released by the central bank, which includes all currency in circulation, bank deposits and debt securities, among others. Global market focus will be on the Federal Reserve, which begins its two-day monetary policy meeting on Tuesday. It is expected to hold interest rates.
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