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The South African rand was little changed in early trading on Tuesday, as investors awaited key central bank data expected to offer insight into the country’s economic trajectory.
By 0617 GMT, the rand was trading at 17.27 to the dollar, slipping 0.3% from Monday’s close.
The South African Reserve Bank (SARB) is scheduled to release its leading business cycle indicator for August at around 0700 GMT. The index tracks trends in vehicle sales, business confidence, money supply, and other economic factors that help gauge the broader direction of growth.
Last week, the rand came under pressure but rebounded on Monday, buoyed by growing investor optimism that South Africa could soon be removed from the Financial Action Task Force (FATF) “grey list.”
South Africa was placed on the list in February 2023 after international criticism of its efforts to combat money laundering and terrorist financing. The FATF plenary meeting, where the country’s progress will be reviewed, is scheduled for October 22–24.
Investors with a domestic focus are also looking ahead to September consumer price inflation data, due on Wednesday, for further indications of the health of Africa’s largest economy.
In the bond market, South Africa’s benchmark 2035 government bond firmed in early trading, with the yield falling 1.5 basis points to 8.91%.
