File image: IOL
JOHANNESBURG - South Africa’s rand was steady on Tuesday, as investors refrained from taking big positions ahead of a slew of data releases, and as risk appetite remained soured amid jitters about the trade dispute between China and the United States.

At 0610 GMT, the rand traded at 15.1550 per dollar, 0.05% weaker than its close on Monday, when the currency fell along with other emerging-market units.

Global shares ticked up as some investors clung to hopes that a deal on trade and other issues could be reached in the fourth quarter.

On Monday, traders shrugged off data showing South Africa’s trade account swung into a 6.84 billion rand ($450 million)surplus in August following a deficit of 3.72 billion rand in the previous month amid risk-off sentiment.

Investors are now looking to local and international data releases for more direction, with South Africa’s September PMI, total vehicle sales and the central bank monetary policy review expected in the day.

“EU manufacturing PMI and CPI are due today, while the ECB’s Mario Draghi will give an address later this afternoon,” said Bianca Botes, treasury partner at Peregrine Treasury Solutions.

“Locally, we face a busy data day with total vehicle sales, manufacturing PMI and the SARB monetary policy review due for release.”

In fixed income, bonds were slightly stronger, with the yield on the benchmark government bond due in 2026 down 1.5 basis points to 8.325%.

REUTERS