ADVERTISEMENT

Rand stable, could weaken on trade data

The JSE securities exchange's Top-40 futures index was down 0.26 percent, suggesting the bourse would get off to a slightly soft start at 0700 GMT.

A South African child holds a 50 rand note  in a file photo.

The South African rand was flat against the dollar early on Monday, but traders and analysts said it could turn weaker if the October trade deficit came in bigger than expected later in the session.

By 0645 GMT the rand traded at 14.4115 versus the dollar, hardly changed from Friday's close of 14.4025.

The rand barely moved after a central bank report at 0600 GMT showed growth in private sector credit demand in South Africa quickened to 8.87 percent in October on the year, from 8.39 percent in September.

Investors awaited more data from the revenue service at 1200 GMT, which could weigh on the rand. Economists surveyed in a Reuters poll expected a widening to 4.9 billion rand in the October trade deficit, after an 890 million rand gap in September.

ADVERTISEMENT

"A wider than consensus deficit print today could be rand negative if it raises concerns about a continued widening in South Africa’s current account deficit," Barclays Africa said in a market note.

Government bonds weakened in early trade, with the yield for debt due in 2026 rising 2.5 basis points to 8.585 percent from Friday's close.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

UNICEF warns Nigerians to prevent cholera from spreading in schools

UNICEF warns Nigerians to prevent cholera from spreading in schools

Here's how eating too many Sallah meats can cause you problems, expert warns

Here's how eating too many Sallah meats can cause you problems, expert warns

FG clears confusion about which Abuja road is named after Wole Soyinka

FG clears confusion about which Abuja road is named after Wole Soyinka

Tinubu jets out on another foreign trip, this time for Ramaphosa's inauguration

Tinubu jets out on another foreign trip, this time for Ramaphosa's inauguration

5 Tactical shooters to play today

5 Tactical shooters to play today

Reps approved Shippers Council Regulatory Bill gets crucial backing

Reps approved Shippers Council Regulatory Bill gets crucial backing

Gov Yusuf gives reason for ordering arrest of Ado Bayero

Gov Yusuf gives reason for ordering arrest of Ado Bayero

Uganda strains as 33,000 refugees arrive from Sudan

Uganda strains as 33,000 refugees arrive from Sudan

Kano Police condemn booing of Emir Sanusi II during Eid prayers

Kano Police condemn booing of Emir Sanusi II during Eid prayers

Pulse Sports

Victor Osimhen's future in the balance: Premier League or Saudi Pro League?

Victor Osimhen's future in the balance: Premier League or Saudi Pro League?

FIFA Rankings: Nigeria ahead of Ghana& South Africa, remain best team in the continent

FIFA Rankings: Nigeria ahead of Ghana& South Africa, remain best team in the continent

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

ADVERTISEMENT
ADVERTISEMENT