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Rand stable ahead of local and US GDP data

Johannesburg - The rand was steady against the dollar early on Tuesday, with dealers expecting narrow range trading ahead of US economic data which should offer the latest clue on the timing of interest rake hikes.

Analysts and traders said domestic third-quarter gross domestic product numbers due out at 11:30 would also garner investor interest, but are unlikely to move the market significantly.

The rand was at R14.0790/$ around 08:45, not far off Monday's closing level of 14.0845.

The ailing economy is expected to escape a technical recession, with a Reuters poll of analysts reaching consensus on 1.1% growth in the third quarter after a 1.3% contraction in the previous three months.

US GDP numbers are due out at 15:30, and could increase the likelihood that the Federal Reserve will raise interest rates in December if the number comes in above market expectations.

"While the local print is unlikely to stir traders into action, the US number will garner a lot more attention, and could very well dictate the fate of the rand in the coming sessions," said Insaan Omar, a trader at Standard Bank.

The JSE's Top 40 futures index was down just 0.12%, suggesting a flat opening for the local bourse.

In fixed income, the yield on 2026 government debt edged up 2 basis points to 8.47%.

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Rand - Dollar
18.92
+0.1%
Rand - Pound
23.88
+0.1%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.32
+0.2%
Rand - Yen
0.13
+0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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