Market News
South African rand steady as market weighs Trump’s talk of Iran negotiations - REUTERS
JOHANNESBURG, March 25 (Reuters) – The South African rand was steady in early trade on Wednesday as traders cautiously assessed President Donald Trump’s assertion that the U.S. was in negotiations to end to the war with Iran.
At 0712 GMT the rand traded at 16.92 against the dollar, roughly 0.5% up from its previous close, but broadly range-bound.
The greenback last traded flat against a basket of currencies.
“The USD-ZAR remains in a holding pattern for now,” ETM Analytics said. Investors across most markets were waiting for a fresh catalyst to “galvanise a theme or direction on which to trade,” it added.
On Thursday, investor attention will mainly be pinned on the South African Reserve Bank’s interest rate decision, when economists polled by Reuters expect the bank to keep the rate steady at 6.75%.
On the Johannesburg Stock Exchange, the Top-40 index was up 1.1% in early trade.
South Africa’s benchmark 2035 government bond also strengthened in early deals, as the yield fell 6 basis points to 8.975%.
