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Rand little changed – Moneyweb

The rand was little changed in early trade on Thursday, as a Reuters poll predicted the central bank would deliver another interest rate hike next week.

At 0705 GMT, the rand traded at 17.14 against the US dollar, not far from its previous close of 17.14.

The dollar was also broadly flat against a basket of global currencies.

Eleven of the 20 economists polled by Reuters predicted the South African Reserve Bank would raise rates by 50 basis points to 7.50% at its upcoming rate-setting announcement on January 26.

Most economists saw no further rate hikes after next week, forecasting the end of a tightening cycle that began in November 2021.

Recent economic data in Africa’s most industrialised nation have been mixed, with weak November mining numbers released this week, followed by in-line December inflation figures and better-than-expected November retail sales.

No major releases are due on Thursday.

The government’s benchmark 2030 bond was slightly weaker in early deals, with the yield up 5.5 basis points to 9.710%.


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