Market News
South African rand slips as oil hits highest since May, fuel levy cuts loom - REUTERS
JOHANNESBURG, Oct. 23 (Reuters) — The South African rand was little changed early on Friday as investors paused following the currency’s sharp fall in the previous session and looked ahead to economic data due next week for further indications of the health of Africa’s largest economy.
At 0636 GMT, the rand traded at 16.5050 per US dollar, broadly unchanged from Thursday’s close. The currency had weakened sharply in the previous session as elevated oil prices weighed on South Africa, a fuel-importing nation.
The past week saw several significant developments for investors. Statistics South Africa reported better-than-expected inflation, while Finance Minister Enoch Godongwana announced a medium-term budget that included two months of temporary fuel levy relief.
Investors will turn their attention next week to several economic releases:
Tuesday: Leading business cycle indicator.
Thursday: Money supply, private-sector credit and producer inflation.
Friday: Budget balance and trade balance.
South Africa’s benchmark 2035 government bond was flat, with its yield at 8.615%.
Reporting by Sfundo Parakozov; editing by David Goodman.
