Malawi counts votes in a presidential election where economic turmoil was the top issue
South Africa’s rand weakens, stocks set to open higher
10:20 CAT | 11 Jul 2017
Reuters (File photo) / South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014.
South Africa’s rand weakened against a surging dollar early on Tuesday as investors awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen’s testimony on Wednesday.
At 0645 GMT, the rand traded at 13.5375 per dollar, 0.41 percent weaker than its New York close on Monday.
The dollar index, which tracks the greenback against a basket of six major rivals, added 0.15 percent to 96.164 ahead of Yellen’s semi-annual monetary policy testimony before Congress on Wednesday and Thursday.
Locally, focus on May manufacturing data due out at 1100 GMT.
Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.53 percent.
In fixed income, the yield for the benchmark government bond due in 2026 rose by 2.5 basis points to 8.915 percent.
Source: Reuters
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