South African rand edges higher ahead of trade data

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South African rand edges higher ahead of trade data

10:15 CAT | 31 Jul 2023

File photo: Reuters

The South African rand edged higher in early trade on Monday after a strong July performance, ahead of monthly trade data that could provide some clues on the health of the economy.

At 0615 GMT, the rand traded at 17.5800 against the dollar ZAR=D3, up 0.11% from its previous close on Friday.
The dollar =USD last traded at 101.760, around 0.15% stronger against a basket of global currencies.

The rand has gained over 6% against the dollar this month.

At 1200 GMT, the South African Revenue Service will release the country’s June trade ZATBAL=ECI figures. Analysts polled by Reuters predict a trade surplus of 11.85 billion rand ($673.64 million).

The South African Reserve Bank (SARB) data on Monday showed the country’s broadly defined M3 measure of money supply was up 11.15%, above 9.85% predicted by analysts polled by Reuters ZAM3=ECI.

The SARB also said that private sector credit grew 6.25% year on year in June, down from 6.85% in May ZACRED=ECI.
South Africa’s benchmark 2030 government bond ZAR2030= was little changed in early deals, with the yield down 0.5 basis points to 10.180%.

($1 = 17.5911 rand)

Source: Reuters