UPDATE 1-S.African rand steady as investors get ready for U.S. data

Published: 2022-10-10 tag: bonds news

(Updates prices to reflect afternoon trade)

JOHANNESBURG, Oct 10 (Reuters) - South Africa’s rand steadied on Monday as investors were cautious ahead of U.S. inflation data later this week, which could influence the Federal Reserve’s monetary policy.

At 1622 GMT, the rand traded at 18.1400 against the dollar, 0.06% stronger than its previous close.

The U.S. dollar index, which measures the currency against six rivals, was up 0.36% at 113.22.

The safe-haven dollar was buoyed by renewed concerns over global economic growth amid geopolitical tensions and higher oil prices.

“The rand will... remain vulnerable to weakness, as well as some volatility this quarter, led by U.S. data releases,” Investec analyst Annabel Bishop said in a research note.

U.S. inflation data due on Thursday is forecast to show that headline inflation rate came in at a hot 8.1% year-on-year in September, but easing from 8.3% in August.

Shares on the Johannesburg Stock Exchange (JSE) fell, mirroring similar moves in global equities as growth concerns worried investors.

Overall on the JSE, the the Top-40 ended 1.51% lower, while the broader all-share index closed down 1.38%.

The government’s benchmark 2030 bond was slightly weaker, with the yield up 1 basis point to 10.730%. (Reporting by Anait Miridzhanian in Johannesburg and Bhargav Acharya in Bengaluru; Editing by Toby Chopra and Susan Fenton)

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