South African rand flat in early trade

JOHANNESBURG: South Africa’s rand was flat in early trade on Monday, as it mirrored the US dollar’s moves versus major currencies. At 0646 GMT, the rand traded at 18.1450 against the dollar, 0.03% stronger than its previous close.

The US dollar index was up 0.018% at 112.83, off lows around 110 last week and creeping back toward last month’s 20-year high of 114.78.

“The pair thus looks set to test its September highs around 18.2200 in the coming days, a break of which would open the door for a continued uptrend towards 18.5000 and potentially beyond,” economists at ETM Analytics said.

South African rand weakens ahead of US jobs data

The government’s benchmark 2030 bond was slightly weaker in early deals, with the yield up 1.5 basis points to 10.650%.