The South African rand was slightly weaker early on Tuesday, the first trading day of 2024, as the US dollar crept higher on global markets.

At 0730 GMT, the rand traded at 18.3225 against the dollar , down about 0.2% on its previous close.

The dollar was marginally firmer against a basket of global currencies.

With no major domestic economic data releases due on Tuesday, the rand is expected to take its cues from offshore drivers.

The global market focus this week is on economic data that could shed more light on the trajectory for US interest rates.

South African rand stable after week of gains

Minutes from the last US Federal Reserve meeting in December are scheduled for release on Thursday and will provide insight into the central bankers’ thinking around rate cuts this year.

There will also be a US jobs report on Friday.

In South Africa, a whole-economy purchasing managers’ index survey is due to be published on Thursday.

On the Johannesburg Stock Exchange the Top-40 index was down 0.6% in early trade.

The benchmark 2030 government bond was little changed, with the yield up 2 basis points to 9.79%.