Market News
South African rand firms against weaker dollar; US data in focus - REUTERS
JOHANNESBURG, May 13 (Reuters) - The South African rand strengthened against a weaker dollar on Monday, as investors awaited key U.S. data that could offer clues on the Federal Reserve's future interest rate path.
At 1625 GMT, the rand traded at 18.3400 against the dollar , around 0.5% stronger than its previous close.
The dollar was last down around 0.16% against a basket of global currencies.
"The rand seems to be enjoying the fact that the dollar is struggling to gain ground as the market digests weakening economic outcomes in the (United) States," said Danny Greeff from ETM Analytics.
This week, investors are turning their attention towards U.S. inflation and retail sales data.
On the stock market, the Top-40 (.JTOPI) and the broader all-share (.JALSH) indices closed around 0.3% higher. South Africa's benchmark 2030 government bond was stronger, with the yield down 5 basis points at 10.465%.
