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Johannesburg - The rand firmed against the dollar early on Monday with local dealers coming in after a long weekend to play catch up with a currency that rallied at the end of last week.
At 08:51, the rand was up 0.4% to R9.7950/$ from Friday's close in New York.
The currency hit a two-week high of R9.7285 against the greenback on Friday when local dealers were away for the Women's Day public holiday.
"Our view remains that the rand will be in a holding pattern until the Fed policy decision in five week's time. That said, the unit has been surprisingly volatile and we should expect another choppy week," John Cairns of Rand Merchant Bank said in a note.
Emerging market currencies are expected to consolidate in the weeks leading up to the US Federal Reserve's monetary policy meeting, waiting for clues on the bank's bond-buying programme.
Yields on government bonds were down 3.5 basis points to 8.135% on the benchmark 2026 issue
Reserve Bank Deputy Governor Daniel Mminele will speak at an investment conference at 17:30, where market players will be looking for signals on the bank's thinking ahead of an interest rates decision next month.
Governor Marcus speaks on Tuesday at around 16:00.
Later in the week, Statistics South Africa will release retail sales data for June, where economists expect sales growth to have slowed to 3% from 6.2% in May.
At 08:51, the rand was up 0.4% to R9.7950/$ from Friday's close in New York.
The currency hit a two-week high of R9.7285 against the greenback on Friday when local dealers were away for the Women's Day public holiday.
"Our view remains that the rand will be in a holding pattern until the Fed policy decision in five week's time. That said, the unit has been surprisingly volatile and we should expect another choppy week," John Cairns of Rand Merchant Bank said in a note.
Emerging market currencies are expected to consolidate in the weeks leading up to the US Federal Reserve's monetary policy meeting, waiting for clues on the bank's bond-buying programme.
Yields on government bonds were down 3.5 basis points to 8.135% on the benchmark 2026 issue
Reserve Bank Deputy Governor Daniel Mminele will speak at an investment conference at 17:30, where market players will be looking for signals on the bank's thinking ahead of an interest rates decision next month.
Governor Marcus speaks on Tuesday at around 16:00.
Later in the week, Statistics South Africa will release retail sales data for June, where economists expect sales growth to have slowed to 3% from 6.2% in May.
