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The South African rand traded virtually unchanged early Friday morning as investors awaited key monthly data releases to gauge the health of the continent’s largest economy.
The currency hovered at 16.2275 against the U.S. dollar, holding steady against its previous close of 16.2375.
Financial markets paused as the South African Reserve Bank, the revenue service, and the National Treasury prepared to publish their latest fiscal reports.
Economists expect a slight cooling in some sectors due to the high number of public holidays in April. Nedbank analysts forecast that annual private sector credit growth slowed to 8.2 per cent in April from 8.5 per cent in March.
Meanwhile, Investec economist Lara Hodes predicted that while the country’s trade account likely maintained a surplus in April, the overall balance narrowed during the month.
The domestic financial market showed positive movement despite the currency’s standstill.
The Johannesburg Stock Exchange’s Top-40 index gained 0.3 per cent during early trading hours. Additionally, government bonds strengthened as the yield on the benchmark 2035 paper dropped by 6.5 basis points to 8.39 per cent.
