Rand flat before inflation data’s release

JOHANNESBURG – South Africa’s rand barely moved early on Wednesday as some traders refrained from making major moves before local inflation data are released.

At 0624 GMT, the rand traded at 13.2275 versus the dollar, little changed from a 13.2250 overnight close in New York close.

Investors are eyeing local consumer-price data for clues on the timing of further monetary policy easing after the South African Reserve Bank unexpectedly cut benchmark interest rates in July.

Market consensus is for CPI to slow to 4.6 percent year-on-year in July from 5.1 percent in June.

Government bonds were slightly stronger, and the yield for the benchmark bond due in 2026 was down 5 basis points to 8.530 percent.

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