Market News

JOHANNESBURG, June 25 (Reuters) – The South African rand steadied in early trade on Thursday as traders looked to local producer inflation data due later in the day, while a stronger dollar and falling oil prices shaped global markets.

• At 0630 GMT, the rand traded at 16.5775 against the dollar, little changed from its previous close.
• The dollar index held near a 13-month high against a basket of currencies as traders bet on a strong U.S. economy propping up short-term interest rates and waited on key inflation data, while oil prices extended their decline to near levels last seen before the start of the Iran war.
• Statistics South Africa will publish May producer inflation numbers at 0930 GMT, with analysts polled by Reuters expecting producer inflation at 6.7% year on year.
• ETM Analytics said in a research note that producer price inflation would probably jump but might be overshadowed by falling oil prices.
• South Africa’s benchmark 2035 government bond was slightly firmer in early deals, as the yield fell 2 basis points to 8.265%.