South African rand gains after US inflation report
Updates prices to reflect afternoon trade
JOHANNESBURG, July 26 (Reuters) -The South African rand gained against the dollar on Friday, after a reading of U.S. inflation did little to alter expectations of a September interest rate cut by the Federal Reserve.
At 1510 GMT, the rand traded at 18.27 against the dollar ZAR=D3, about 0.6% stronger than its previous close.
The dollar index =USD was flat against a basket of other major currencies.
The U.S. personal consumption expenditure price index for June - the Fed's favoured measure of inflation - rose 0.1% as expected after being unchanged in May, underscoring an improving inflation environment that potentially positions the Fed to begin cutting rates in September.
Data released on Thursday also showed the U.S. economy grew faster than expected in the second quarter, but inflation pressures subsided.
Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. economic data and monetary policy in addition to local factors.
Next week, domestic investors will turn their focus toward monthly money supply, trade and budget balance figures for clues on the health of the local economy.
On the Johannesburg Stock Exchange, the blue-chip Top-40 index .JTOPI closed 0.5% higher.
South Africa's benchmark 2030 government bond ZAR2030= was slightly weaker, as the yield rose 0.2 basis point to 9.477%.
Reporting by Tannur Anders and Bhargav Acharya; Editing by Sharon Singleton, Kirsten Donovan
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