Investors will watch to see whether Germany will vote in favour of expanding the euro zone's bail out fund to ease the debt burdens of countries such as Greece.

These debt worries have seen investors dump risky assets, with the emerging market currency rand on course to post its worst monthly performance since late 2008 at the start of the financial crisis.

The rand's reaction to data showing credit growth in the private sector accelerated more than expected to 6.06 percent in August was muted, with most dealers' attention on the international developments that have dominated markets.

South African stocks opened in negative territory, with the JSE's blue-chip Top-40 down 0.7 percent shortly after trade started.

The rand was trading at 7.8333 to the dollar at 0656 GMT, 1.33 percent firmer than Wednesday's New York's close of 7.9390.

"The rand continues to trade with a firmer footing," said Duncan Howes, dealer at Absa Capital.

"I think today's focus is very much going to be on the German vote ... so I expect a fairly volatile day, but more broadly, dollar/rand continues to consolidate around recent ranges. We are looking at 7.75 to 7.95."

Producer price index data to be released at 0930 GMT is expected to show prices at the factory gate rose by 9.0 percent year-on-year in August.

Government bonds started weaker, with the yield on the 2015 bond up 2.5 basis points to 6.88 percent and that on the 2026 note up 3.5 basis points to 8.49 percent.

A higher PPI number could weigh on bonds as it would reduce the chances of a rate cut that some dealers are still betting on.