South Africa’s rand steadies, focus on economic data

PUBLISHED: Thu, 08 Jun 2017 10:23:03 GMT

Olivia Kumwenda-Mtambo | JOHANNESBURG

South Africa’s rand steadied against the dollar early on Thursday ahead of local mining and manufacturing data and several key global events, including Britain’s general election.

At 0645 GMT, the rand traded at 12.8375 per dollar, barely changed from its overnight close of 12.8300.

April mining and manufacturing data due later in the day will give more clues to the health of the economy after South Africa sank into recession.

Focus globally on Britain’s election, as well as the European Central Bank policy announcement.

In the U.S., focus is on Senate testimony of James Comey, the former FBI chief sacked by President Donald Trump.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index largely unchanged.

In fixed income, the yield for the benchmark government bond due in 2026 added 2.5 basis points to 8.5 percent.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Joe Brock)

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