South African rand steady ahead of mining data and as Fed rate-hike bets shrink
The South African rand was little changed early on Thursday as investors awaited domestic mining production data and lower-than-expected US inflation figures tempered expectations that the Federal Reserve will raise interest rates next month.
At 0745 GMT the rand traded at 16.1625 against the dollar, almost unchanged from its previous close.
Statistics South Africa is due to publish June mining production data at 0930 GMT, providing insights into the health of Africa's largest economy.
Mining output fell by 5.4% year-on-year in May and economists expect it to fall again in June.
"For mining, weaker output is likely to reflect elevated input costs and softer commodity prices in some key segments. Although fuel costs moderated in June, they remained significantly higher than a year ago," said Nedbank economists in a note.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy, alongside domestic economic data.
The US Consumer Price Index rose 0.1% in July, a modest increase that could weaken the case for a Federal Reserve interest rate hike next month, lifting risk appetite.
On the Johannesburg Stock Exchange, the Top-40 index was last down 0.9% in early trade.
South Africa's benchmark 2035 government bond was weaker in early deals, as the yield rose 12 basis points to 8.425%.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
