Rand holds steady vs dollar

Johannesburg - The rand held steady against the dollar on Monday, trading in a recent range as global risk aversion eased and investors waited to see the outcome of this week's key data and economic events, including .

Aversion to emerging market assets abated with some resolution to 's political crisis, which saw parliament remove the president over the weekend and aim to mend relations with the .

's currency was at R10.9425/$ at 08:42, not far off a R10.9350 close in New York on Friday.

The unit has for several days traded near the R10.9000 resistance area that it needs to break to open up further gains away from R11/$.

On Friday it oscillated between R11.0500 and R10.9110, with R11.1300 support, the currency's February 13 low, untested.

"We are watching the 10.90 and 11.13 levels for direction of an impending breakout," said , technical strategist for Absa Capital.

A break through R10.90 could open up firmer levels to around R10.80, while weakening past R11.13 could push rand bears to early February lows around R11.30.

Attention this week will be on fourth quarter economic growth numbers, due on Tuesday. Finance minister tables his 2014/15 Budget the following day, a major event for the bond market.

The week closes with trade figures for January.

Yields on government bonds gave up 2 basis points to 8.635% on the benchmark 2026 issue and 7.31% on the 2015 note.