Market News
South African rand stable; local jobs and mining data due this week - REUTERS
BY Sfundo Parakozov
JOHANNESBURG, May 12 (Reuters) – The South African rand was steady on Monday at the start of a week in which unemployment and mining figures are likely to be the main focus locally.
At 0910 GMT, the rand traded at 18.22 against the dollar, little changed from Friday’s closing level.
The rand held steady despite the dollar surging on global markets as U.S. and Chinese officials pledged to slash reciprocal tariffs.
South Africa’s first-quarter unemployment data is scheduled for publication on Tuesday, followed by March mining production on Thursday.
Oxford Economics said both releases were likely to disappoint, in line with its below-consensus forecast that gross domestic product would grow only 1% this year.
South Africa’s benchmark 2030 government bond was also little changed, with the yield up 1 basis point at 8.835%.
(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Hugh Lawson)
