Rand edges up before budget and trade data

The rand was slightly stronger in early trade on Wednesday, reflecting a weaker dollar on global markets, ahead of the scheduled release of domestic budget and trade figures.

At 08:51, the rand traded at R17.00 against the dollar.

The dollar was down around 0.2% against a basket of currencies, as investors braced for comments later from Federal Reserve Chair Jerome Powell and a key monthly jobs report due at the end of the week.

October budget balance and trade data will be published around 1200 GMT, shedding light on the health of Africa’s most industrialised economy in the final quarter of the year.

Also on Wednesday, a panel of experts is set to tell the speaker of parliament whether there is sufficient preliminary evidence for an impeachment process against President Cyril Ramaphosa, regarding a robbery at his game farm in 2020.

Ramaphosa has denied wrongdoing over the robbery.

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