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South African rand steady ahead of budget, trade data

By Reuters News

JOHANNESBURG, Oct 30 (Reuters) - The South African rand was little changed in early trade on Friday as investors awaited domestic budget and trade balance data while keeping an eye on a key US trade review and next week's local government elections.

  • At 0630 GMT, the rand traded at 16.6175 against the dollar , little changed from its previous close

  • Later in the day, the South African Revenue Service is due to release September trade balance figures ZATBAL=ECI, with analysts polled by Reuters expecting a surplus of 16.40 billion rand ($987.32 million)

  • The National Treasury will also publish September budget balance data ZABUDM=ECI

  • Market participants are also awaiting Monday's outcome of the annual review of South Africa's eligibility for African Growth and Opportunity Act (AGOA) benefits in 2027, while local government elections are scheduled for Wednesday

  • "USD-ZAR is trading cautiously, with markets reluctant to establish significant positions ahead of Monday's AGOA deadline and Wednesday's local government elections," ETM Analytics said in a note

  • South Africa's benchmark 2035 government bond was slightly firmer in early deals, with the yield falling 2.5 basis points to 8.53%




($1 = 16.6107 rand)

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