South Africa’s rand was weaker in early trade on Monday, as the dollar hit a new five-week high after more Federal Reserve officials flagged the likelihood of aggressive interest rate hikes.

At 0611 GMT, the rand traded at 17.0600 against the dollar, 0.34% weaker than its previous close.

The US dollar index which measures the currency against six rivals, was trading up at 108.23, after edging up to 108.26 earlier in the day for the first time since July 15.

The rand is set to take its cues from global drivers in the absence of major economic data points on Monday.

But in the week ahead, local investors will be looking at July consumer and producer inflation, second-quarter unemployment and a leading business cycle indicator for clues on the health of the economy.

South African rand firmer before local retail sales, Fed minutes

Global investors will be eyeing the Jackson Hole symposium later this week, where Fed Chair Jerome Powell headlines a host of policy makers.

The government’s benchmark 2030 bond rose in early deals, with the yield up 9.5 basis points 10.230%.