South African rand kicks off 2024 on a weaker note

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South African rand kicks off 2024 on a weaker note

10:48 CAT | 02 Jan 2024

File photo: Reuters

The South African rand was slightly weaker early on Tuesday, the first trading day of 2024, as the U.S. dollar crept higher on global markets.

At 0730 GMT, the rand traded at 18.3225 against the dollar ZAR=D3, down about 0.2% on its previous close.

The dollar =USD was marginally firmer against a basket of global currencies.

With no major domestic economic data releases due on Tuesday, the rand is expected to take its cues from offshore drivers.

The global market focus this week is on economic data that could shed more light on the trajectory for U.S. interest rates.

Minutes from the last U.S. Federal Reserve meeting in December are scheduled for release on Thursday and will provide insight into the central bankers’ thinking around rate cuts this year. There will also be a U.S. jobs report on Friday.

In South Africa, a whole-economy purchasing managers’ index survey ZAPMIM=ECI is due to be published on Thursday.

On the Johannesburg Stock Exchange the Top-40 index .JTOPI was down 0.6% in early trade. The benchmark 2030 government bond ZAR2030= was little changed, with the yield up 2 basis points to 9.79%.

Source: Reuters