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S.Africa's rand weaker ahead of local data releases, Fed meeting

ForexNov 08, 2018 09:40
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© Reuters. S.Africa's rand weaker ahead of local data releases, Fed meeting

JOHANNESBURG, Nov 8 (Reuters) - South Africa's rand fell on Thursday as investors await local data releases and the U.S's Federal Reserve's meeting later in the day.

* At 0717 GMT, the rand ZAR=D3 fell 0.43 percent to 13.9775 to the dollar, having firmed against a weaker dollar on Wednesday after U.S. midterm elections split Congress. This is seen as lowering the chance of any major U.S. fiscal policy boost soon. The rand is expected to trade in the range of 13.70 to 14.05 rand to the dollar, an NKC note said.

* "Focus turns to the Fed meeting, with markets expecting rates to remain unchanged. However, investors will peruse the Fed's statement for clues on future monetary-policy setting," said Rand Merchant Bank analysts said in a note.

* South Africa will publish manufacturing data and mining production figures for September on Thursday. A Reuters poll forecasts total mining to rise 0.30 percent.

* Bonds were weaker, with the yield on government's 10-year paper ZAR186= up 4.5 basis points to 9.115 percent.

* On the bourse, the all-share index .JALSH opened flat at 54,708 point.

S.Africa's rand weaker ahead of local data releases, Fed meeting
 

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