S.African rand softens as market awaits inflation print, rate decision
JOHANNESBURG, Nov 19 (Reuters) -The South African rand slightly weakened in early trade on Tuesday as investors awaited a local inflation report and upcoming monetary policy decision.
At 0559 GMT, the rand traded at 17.9650 against the U.S. dollar ZAR=D3, about 0.1% weaker than its previous close.
"It is a quiet day on the data front," said Adam Phillips, treasury specialist at Umkhulu Treasury.
"Technically, the ZAR could come back to 17.80, but I think the moves today should be more measured, with some consolidation taking place," Phillips said.
South Africa-focussed investors will eye October's inflation print ZACPIY=ECI on Wednesday and the central bank's monetary policy decision ZAREPO=ECI on Thursday.
The bank is expected to reduce the repo rate by 25 basis point, according to a Reuters poll of economists, after implementing a cut of the same magnitude at its September meeting.
South Africa's benchmark 2030 government bond ZAR2030= was flat in early deals, with the yield at 9.117%.
Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips
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