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Rand dips on global risk appetite

Mar 14 2016 10:20

Johannesburg - The rand weakened early on Monday ahead of a data-filled week, giving up the previous week's gains as global risk appetite wavered.

Stocks were set to open higher, with the JSE's Top 40 futures index up 0.8%.

At 08:45 the rand had slipped 0.45% to R15.2900/$, reversing a run that took the currency towards 15.00, a level it has not breached in nearly three months. It stood at R15.32 at 10:18.

Bonds edged weaker in early trade, with the government paper due in 2026 adding 1 basis point to 9.125%.

"There is support at 15.15 and 15.05 that should keep the dollar intact today with exporters probably likely to enter the market anywhere close to the 15.35/40 areas," currency trader at Standard Bank Warrick Butler said in a note.

With little data due in the session traders expect direction later in the week from the local release of an interest rate decision on Thursday and consumer inflation figures next Wednesday.

A Reuters poll of 30 economists expects the South African Reserve Bank to leave its benchmark lending rate at 6.75% after hiking by 50 basis points in January, despite rapidly rising inflation.

READ: Brace for another rate hike, economists warn

A rates decision on Wednesday by the United States central bank is also set to determine emerging market flows as investors look for clues on the pace of rate hikes.

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rand  |  markets  |  currencies

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