Market News
South African rand flat before local jobs data - REUTERS
BY Sfundo Parakozov
JOHANNESBURG, May 13 (Reuters) – The South African rand was little changed in early trade on Tuesday before local jobs data, which economists predict could show a slight rise in unemployment.
At 0750 GMT the rand traded at 18.2550 against the dollar, the same level as at Monday’s close.
Statistics South Africa will release first-quarter unemployment figures at 0930 GMT.
Investec and Nedbank economists forecast an increase from the previous quarter’s 31.9% official jobless rate as economic growth remains sluggish.
The Business Day newspaper reported that preparations were at an advanced stage for a meeting between President Cyril Ramaphosa and U.S. President Donald Trump in Washington.
Ramaphosa’s government wants to mend diplomatic and trade ties with the U.S. as relations have soured badly since Trump’s return to the White House in January.
South Africa’s benchmark 2030 government bond was also flat in early deals, with the yield at 8.89%.
(Reporting by Sfundo Parakozov; Editing by Alexander Winning)
