Rand seen stable in data-dry week

Johannesburg - The rand steadied against the dollar on Monday, with traders and analysts expecting it to drift in a narrow range in a week bereft of market moving data and interrupted by a public holiday on Wednesday.

Market nerves were on an even keel after Reserve Bank governor Gill Marcus announced last week she would not take up a second five-year term in office.

Most participants were betting that one of her deputies would succeed Marcus, ensuring monetary policy continuity.

At 08:38 GMT the rand traded at R11.0825 to the greenback, virtually unchanged from Friday's close at R11.0785 in New York.

Government bonds were similarly steady, with the yield for the benchmark 2026 government bond edging up just 2.5 basis points to 8.185%.

"A quiet week leaves dollar/rand to try and entrench an 11.00 – 11.11 range," Rand Merchant Bank currency analyst John Cairns said.

"Risks come mainly from euro/dollar and euro zone data and remain biased to the upside given the dollar’s multi-week rally."