The South African rand remained stable on Monday as investors turned their attention to upcoming local economic data expected later this week. As of 09:10 GMT, the rand was trading at 18.22 to the US dollar, largely unchanged from its position at the close of trading on Friday.
This stability came even as the dollar made gains in global markets, spurred by commitments from US and Chinese officials to reduce mutual tariffs. Despite this broader movement, the rand held firm, suggesting that local factors are currently playing a more significant role in market sentiment.
All eyes are now on South Africa’s economic indicators, with first-quarter unemployment data set to be released on Tuesday and mining production figures for March due on Thursday. According to Oxford Economics, both reports are expected to fall short of expectations, reinforcing its prediction of a modest 1% GDP growth for 2025, which is below most forecasts.
Meanwhile, South Africa’s benchmark government bond maturing in 2030 also showed minimal movement, with the yield inching up by just one basis point to 8.835%.