South African rand steadies against dollar in early trade

15 Jan, 2019

* At 0610 GMT, the rand traded at 13.7675 per dollar, little changed from its New York close of 13.7575 on Monday.

* "Our focus shifts towards the South African Reserve Bank Monetary Policy Committee which starts its three-day meeting today, leading up to the interest rate announcement on Thursday," said Bianca Botes, corporate treasury manager at Peregrine.

* "At the same time local data, including gold and mining production coupled with retail sales, could see some turbulence unfold in the currency today," said Botes.

* The South African currency has started 2019 on the front-foot, rallying more than 3.5 percent against the dollar. But it remains vulnerable to swings in global risk appetite as well as uncertainty surrounding this year's parliamentary election.

* In fixed income, the yield on the benchmark government bond due in 2026 dipped 2 basis points to 8.79 percent in early trade.

Copyright Reuters, 2019

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