South Africa's rand edges lower in cautious early trade

  • Reuters
  • Forex News
South Africa's rand edges lower in cautious early trade
Credit: © Reuters.

JOHANNESBURG, Jan 28 (Reuters) - South Africa's rand edged weaker on Monday in cautious trade as investors assessed the impact of the end of the U.S. government shutdown, while awaiting the Federal Reserve's policy meeting starting on Tuesday.

* At 0630 GMT the rand ZAR=D3 was 0.04 percent weaker at 13.6200 per dollar, little changed from its close of 13.6150 on Friday in New York.

* The rand has struggled to hold recent gains below the 13.60 technical resistance mark and is seen by traders drifting within a narrow range, with a topside target of 13.70.

* With no major economic releases due locally, market attention first turns to a statement by the European Central Bank later in the session and the beginning of the U.S. central bank's policy meeting on Tuesday.

* Bonds opened firmer, with the yield on the benchmark paper due in 2026 ZAR186= down 0.5 basis points to 8.715 percent.

* Stocks are set to open slightly lower at 0700 GMT, with the JSE securities exchange's Top-40 futures index ALSIc1 falling 0.15 percent.

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