By Reuters
Copyright reuters
JOHANNESBURG, Sept 29 (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.
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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 (ZAM3=ECI), opens new tab, private sector credit (ZACRED=ECI), opens new tab, the trade balance (ZATBAL=ECI), opens new tab and budget balance (ZABUD=ECI), opens new tab 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.
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South Africa’s benchmark 2035 government bond firmed in early deals, pushing the down 2 basis points to 9.145%.
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Reporting by Sfundo Parakozov;
Editing by Neil Fullick
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