South Africa's rand treads steadily ahead of GDP, budget

The hand of South African former Reserve Bank Governor Gill Marcus is seen holding South Africa's rand banknotes - which feature an image of former president Nelson Mandela on the front in a file photo. REUTERS/Siphiwe Sibeko·Reuters· (Reuters)
Reuters
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JOHANNESBURG (Reuters) - South Africa's rand treaded a narrow range against the dollar in cautious trade ahead of local economic growth data and a Federal Reserve testimony that should give further clues on the U.S. interest rate outlook. Traders and analysts were also primed for Wednesday's national budget speech, with economists polled by Reuters expecting Finance Minister Nhlanhla Nene to keep his budget defict target unchanged from October forecasts. At 0649 GMT the local unit was trading at 11.6600 per dollar, barely changed from Monday's close at 11.6475. Government bonds edged higher, with the yield on paper due in 2026 easing 3.5 basis points to 7.645 percent. Statistics South Africa was due to release fourth quarter GDP data at 0930 GMT, with a Reuters poll suggesting quarter-on-quarter growth of 3.7 percent, up from 1.4 percent in Q3. Should the data come in lower than the market has priced in, it would add some pressure on the currency ahead of the day’s next main event," Standard Bank chief trader Warrick Butler said, referring to Fed chair Janet Yellen’s testimony to the U.S. Senate. (Reporting by Stella Mapenzauswa; Editing by James Macharia)

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