Rand edges higher ahead of trade data

The South African rand edged higher in early trade on Monday after a strong July performance, ahead of monthly trade data that could provide some clues on the health of the economy.

At 0615 GMT, the rand traded at R17.58 against the dollar.

The dollar last traded at 101.760, around 0.15% stronger against a basket of global currencies.

The rand has gained over 6% against the dollar this month.

At 1200 GMT, the South African Revenue Service will release the country’s June trade figures. Analysts polled by Reuters predict a trade surplus of R11.85 billion ($673.64 million).

The South African Reserve Bank (Sarb) data on Monday showed the country’s broadly defined M3 measure of money supply was up 11.15%, above 9.85% predicted by analysts polled by Reuters.

The Sarb also said that private sector credit grew 6.25% year on year in June, down from 6.85% in May.

South Africa’s benchmark 2030 government bond was little changed in early deals, with the yield down 0.5 basis points to 10.180%.