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The South African rand remained steady on Wednesday as investors processed the fragile ceasefire between Israel and Iran, which offered some relief to unsettled markets. Attention now shifts to upcoming key economic data from the world’s largest economy.
By 1501 GMT, the rand was trading at 17.7825 against the dollar, showing minimal change from its closing position on Tuesday.
The U.S. dollar also saw little movement against a basket of currencies, as markets awaited U.S. gross domestic product and jobs data, scheduled for release on Thursday, followed by the Price Consumption Expenditure (PCE) report on Friday.
Domestically, investors in South Africa will be looking to Thursday’s producer price index (PPI) data and the South African Reserve Bank’s quarterly bulletin. These releases are expected to provide insights into foreign direct investment flows within Africa’s most industrialised economy.
The Johannesburg Stock Exchange‘s Top-40 index (.JTOPI) last traded down 0.5%. Meanwhile, South Africa’s benchmark 2035 government bond remained flat, with its yield declining 0.5 basis points to 9.945%.
