South African rand steady ahead of manufacturing data, president's speech

Credit: REUTERS/Rogan Ward

JOHANNESBURG, Feb 8 (Reuters) - South Africa's rand was little changed in early trade on Thursday, ahead of manufacturing production figures and President Cyril Ramaphosa's annual address to parliament later in the day.

At 0635 GMT, the rand traded at 18.9000 against the dollar ZAR=D3, not far from its previous close of 18.8900.

The dollar =USD was also flat against a basket of global currencies.

Statistics South Africa will release December manufacturing data ZAMAN=ECI at 1100 GMT.

Investors will be looking ahead to Ramaphosa's State of the Nation Address (SONA) around 1700 GMT for any solutions he might propose to the nation's power shortages and logistics crisis.

"Investors will be unwilling to take any significant positions ahead of the SONA later today, although one eye will also turn to a whole range of Federal Reserve, European Central Bank and Bank of England speakers that will be taking to the podium today and which could influence offshore market sentiment," said ETM Analytics in a note.

South Africa's benchmark 2030 government bond ZAR2030= was flat in early deals, with the yield at 9.885%.

(Reporting by Nellie Peyton; Editing by Rashmi Aich)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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