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Rand steady, CPI data in focus

A slew of data due later in the week could offer direction – analysts.

South Africa’s rand steadied against the dollar on Monday amid thin volumes with the U.S. financial markets closed for a holiday but traders said a slew of data due later in the week could offer direction.

At 1523 GMT the rand was trading 0.13 percent firmer at 11.6495 to the dollar.

“It’s a slow day but tomorrow we will get back to the normal volumes and market action,” said Ion de Vleeschauwer, a currency dealer at Bidvest Bank

“A lot of data is coming out later in the week in the U.S. and UK and our own inflation data to give us a guide to where the market will go.”

Statistics South Africa will release the latest consumer inflation and retail sales data on Wednesday.

Investors globally were also waiting to hear whether a euro zone finance ministers meeting on Monday would reach a deal to shore up Greece’s dwindling finances.

If Monday’s meeting ends in a breakdown, Greece could be headed for a credit crunch that could force it out of the euro zone. Progress, however, could mean further negotiations, perhaps later in the week.

South Africa government bonds weakened with the yield for the 2026 benchmark up 3 basis points to 7.57 percent.

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