South African rand softens, focus on Fed rate path
JOHANNESBURG, Aug 22 (Reuters) -The South African rand weakened in early trade on Thursday, ahead of a slew of U.S. economic data which may give hints on the future interest rate path of the world's biggest economy.
At 0615 GMT, the rand traded at 17.90 against the dollar ZAR=D3, about 0.4% weaker than its previous close.
"EM (emerging market) currencies are trading off their recent stronger levels with the rand softening to R17.90 against the dollar... this morning," said Andre Cilliers, currency strategist at TreasuryONE.
"Today, we have a range of U.S. data indicators that could provide some insight into the U.S. economy and labour market... while tomorrow, we have (Federal Reserve Chair Jerome) Powell's opening address at Jackson Hole," Cilliers said.
The Jackson Hole Economic Symposium of global central bankers starts on Thursday, with Powell set to speak on Friday. Markets hope Powell's speech will offer further insights into the interest rate path of the U.S.
Federal Reserve minutes released on Thursday revealed the U.S. was on track for an interest rate cut in September after a "vast majority" of officials said such an action was likely.
Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in the absence of major local factors.
South Africa's benchmark 2030 government bond ZAR2030= was unchanged in early deals, with the yield at 9.12%.
Reporting by Tannur Anders
Editing by Bernadette Baum
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