JOHANNESBURG (Reuters) -South Africa’s commodity-backed rand rose slightly in early trade on Monday on higher gold prices, while traders eyed a slew of economic data that could offer clues on the health of Africa’s largest economy.
At 0643 GMT, the rand traded at 17.29 against the dollar, up about 0.2% from Friday’s close.
Gold surged above the key $3,800-per-ounce level for the first time on Monday, supported by a weaker dollar and growing expectations the Federal Reserve will cut interest rates further this year.
The dollar last traded about 0.2% weaker against a basket of currencies.
The domestic economic calendar will feature a central bank quarterly bulletin and statistics agency data on formal sector employment on Tuesday.
Money supply, private sector credit, the trade balance and budget balance figures are also expected on the same day.
Investor attention later in the week will shift towards vehicle sales numbers, an Absa purchasing managers’ index (PMI) and S&P Global whole-economy PMI, which will shed light on the shape of the country’s manufacturing sector and business conditions respectively.
South Africa’s benchmark 2035 government bond firmed in early deals, pushing the down 2 basis points to 9.145%.
(Reporting by Sfundo Parakozov;Editing by Neil Fullick)
