Market News

South African rand little changed ahead of comments by Fed's Powell - REUTERS

DECEMBER 01, 2023

JOHANNESBURG, Dec 1 (Reuters) - South Africa's rand was little changed in early trade on Friday, as investors awaited comments by Federal Reserve Chair Jerome Powell later in the day for clues on the Fed's future interest rate path.

At 0818 GMT, the rand traded at 18.8400 against the dollar , near its previous close of 18.8475.

With no major local economic data points due on Friday, the risk-sensitive rand is set to take cues from global factors like the outlook for U.S. interest rates.

Fed policymakers signalled on Thursday that the Fed's interest rate hikes were likely over, but left the door open to further monetary policy tightening should progress on inflation stall.

On the stock market, both the Top-40 (.JTOPI) index and the broader all-share (.JALSH) index were around 0.4% stronger in early trade.

South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 2 basis points to 10.000%.

Reporting by Bhargav Acharya, editing by Christina Fincher


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