Rand steadies against dollar

The rand steadied in early trade on Monday as investors brace for fresh clues after an unexpectedly strong US jobs report supported the case for more big interest rate hikes from the Federal Reserve.

At 0637 GMT, the rand traded at R16.76 against the dollar, near its previous close of R16.77.

The dollar index, which measures the currency against six rivals, last stood at 106.59, not far off from a Friday peak of 106.93.

In the absence of major local economic data points, all eyes on Monday will be on US Secretary of State Anthony Blinken, who is on a visit to South Africa, where he is expected to outline the US government’s approach to Africa.

The government’s benchmark 2030 bond was marginally weaker in early deals, with the yield up 2 basis points to 10.305%.