Rand firms in early trade

In early trade the rand was at R15.47 against the dollar, around 0.4% stronger than its previous close.
Image: Shutterstock

The rand was stronger early on Monday at the start of a busy policy-focused week in which a European Central Bank meeting and US consumer price data are scheduled.

At 0701 GMT, the rand traded at R15.47 against the dollar, around 0.4% stronger than its previous close.

“The ZAR appears to have the wind at its back this morning,” ETM Analytics said in a research note, adding that the dollar has turned more vulnerable on a loss of topside momentum in Treasury yields.

“That being said, market sentiment more broadly remains cautious this morning, with rising oil prices again keeping inflationary concerns heightened”.

The dollar which measures the greenback against six major peers, was stable against most currencies after gaining last week following good jobs and manufacturing data.

Johannesburg-listed stocks opened higher, with the Top-40 index rising 0.4% in early trade.

The government’s benchmark 2030 bond was stable, with the yield up 0.5 basis points to 9.835%.

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