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Johannesburg - The rand was steady against the dollar on Tuesday and is likely to take its direction from third quarter economic growth data due later in the day.
The rand was at R10.1000/$ at 08:34, barely changed from Monday's New York close.
Statistics South Africa will release economic growth data for the third quarter at 11:30. Economists polled by Reuters forecast a 1.2% quarter-on-quarter expansion, weaker than the previous quarter's 3% growth.
"The rand's response to the GDP figure should be straightforward," wrote Rand Merchant Bank's John Cairns in a note. A better-than-expected number should help the rand but the currency will suffer if the figures disappoint.
Portfolio flows are not helping the rand's outlook, added Cairns.
"Foreigners have sold R13bn of local bonds month-to-date. Add another R8bn of equities and November 2013 is already the third-worst month on record, beaten only by the selling during the crisis and when Greece defaulted."
The yield on the 2026 government bond inched up 1.5 basis points to 8.205% while that on the 2015 paper gained 0.5 basis points to 6.125%.
The rand was at R10.1000/$ at 08:34, barely changed from Monday's New York close.
Statistics South Africa will release economic growth data for the third quarter at 11:30. Economists polled by Reuters forecast a 1.2% quarter-on-quarter expansion, weaker than the previous quarter's 3% growth.
"The rand's response to the GDP figure should be straightforward," wrote Rand Merchant Bank's John Cairns in a note. A better-than-expected number should help the rand but the currency will suffer if the figures disappoint.
Portfolio flows are not helping the rand's outlook, added Cairns.
"Foreigners have sold R13bn of local bonds month-to-date. Add another R8bn of equities and November 2013 is already the third-worst month on record, beaten only by the selling during the crisis and when Greece defaulted."
The yield on the 2026 government bond inched up 1.5 basis points to 8.205% while that on the 2015 paper gained 0.5 basis points to 6.125%.
