Rand flat ahead of President Ramaphosa’s speech

Local currency at 15.22 against the dollar in early trade.
Image: Bloomberg

The rand was flat in early trade on Thursday, ahead of economic data releases and President Cyril Ramaphosa’s annual State of the Nation Address.

At 0615 GMT, the rand traded at 15.22 against the dollar, unchanged from its previous close.

While global markets awaited US inflation data due later in the day, South Africa-focused investors were also awaiting December manufacturing and mining figures for clues on the health of the domestic economy at the end of last year.

Ramaphosa’s speech, in which he typically announces reforms, is expected to start at 1700 GMT.

“(The address) will be eagerly watched to see how the government plans to deal with poverty, unemployment, Covid regulations, corruption and the struggling economy,” said Bianca Botes, director at Citadel Global.

The government’s benchmark 2030 bond firmed in early deals, with the yield falling 3 basis points to 9.205%.

 

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