Rand little changed ahead of comments by Fed’s Powell

The rand was little changed in early trade on Friday, as investors awaited comments by Federal Reserve Chair Jerome Powell later in the day for clues on the Fed’s future interest rate path.

At 0818 GMT, the rand traded at R18.84 against the dollar.

With no major local economic data points due on Friday, the risk-sensitive rand is set to take cues from global factors like the outlook for US interest rates.

Fed policymakers signalled on Thursday that the Fed’s interest rate hikes were likely over, but left the door open to further monetary policy tightening should progress on inflation stall.

On the stock market, both the Top 40 index and the broader all-share index were around 0.4% stronger in early trade.

South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 2 basis points to 10.000%.