2023-09-13 16:30:09
The South African rand slipped early on Wednesday as attention turned to U.S. inflation data that might provide more clues regarding the Federal Reserve’s interest rate path.
At 0610 GMT, the rand traded at 18.9400 once morest the dollar, regarding 0.16% weaker than its previous close.
The dollar index was up 0.16% once morest a basket of currencies.
“The focus will be on the US inflation numbers, which carry two-way risks for the market given the uncertainty surrounding the Fed’s outlook,” ETM Analytics said in a research note.
Like most other emerging market currencies, the risk-sensitive rand tends to take cues from global economic drivers such as U.S. monetary policy in the absence of local data.
South Africa’s benchmark 2030 government bond slipped in early trade, with the yield up 5 basis points to 10.405%.
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