The South African rand held steady in early trade on Friday as investors waited to see whether there would be a US-Iran peace deal that could ease concerns over rising inflation and high interest rates.
• At 0655 GMT (08:55) the rand traded at R16.42 against the dollar, little changed from its Thursday close.
• Investors are watching for progress in US-Iran talks, as any breakthrough or extension of the fragile ceasefire could ease oil and inflation fears and support further gains in gold.
• Gold, a major South African export, also held steady on Friday, staying on track for a fourth straight weekly gain.
• “Markets are still sitting on the fence – the current two-week ceasefire is almost up, so traders are waiting to see what happens next,” said Wichard Cilliers, head of market risk at TreasuryONE, in a research note.
• South Africa’s benchmark 2035 government bond was slightly weaker in early deals, as the yield rose four basis points to 8.51%.
• Ahead of the weekend, analysts said gold and platinum – which have been two major factors in supporting the rand over the last year – lacked directional momentum.
• Next week, domestically focused investors will look to the country’s statistics agency’s release of inflation and retail sales data.
- The South African rand remained steady at R16.42 against the dollar early Friday, with investors cautious amid ongoing US-Iran peace talks.
- Progress or extension of the US-Iran ceasefire could ease oil prices and inflation concerns, benefiting gold prices and the rand.
- Gold prices stayed steady, heading for a fourth consecutive weekly gain, supported by South Africa’s export market.
- South Africa's 2035 government bond yield rose slightly to 8.51%, reflecting cautious market sentiment.
- Investors await next week’s domestic inflation and retail sales data for further direction on the rand and precious metals.
• At 0655 GMT (08:55) the rand traded at R16.42 against the dollar, little changed from its
• Investors are watching for progress in US-Iran talks, as any breakthrough or extension of the fragile ceasefire could ease oil and inflation fears and support further gains in gold.
• Gold, a major
• "Markets are still sitting on the fence – the current two-week ceasefire is almost up, so traders are waiting to see what happens next," said Wichard Cilliers, head of market risk at TreasuryONE, in a research note.
•
• Ahead of the weekend, analysts said gold and platinum – which have been two major factors in supporting the rand over the last year – lacked directional momentum.
• Next week, domestically focused investors will look to the country's statistics agency's release of inflation and retail sales data.
