South African rand gains on weaker dollar ahead of key US jobs data
The South African rand gained against a weaker dollar in early trade on Wednesday, as investors digested disappointing retail sales figures and waited for a key labour market report from the US.
At 0700 GMT, the rand traded at 15.9225 against the dollar, 0.2% stronger than its previous close.
The US dollar was last down 0.3% against a basket of currencies as traders continued to assess retail sales which unexpectedly stalled in December as households scaled back spending on vehicles and other big-ticket items, suggesting a slower growth path for consumer spending and the economy heading into the new year.
Investors now await the non-farm payrolls report for January, due later in the day, and inflation data on Friday for more cues on the Fed's monetary policy path.
On the domestic calendar this week, an annual mining conference in Cape Town which began on Monday continues until Friday, bringing together some of the world's top mining investors and government officials to discuss the industry's outlook.
South Africa's statistics agency is expected to publish December mining and manufacturing figures on Thursday.
On the Johannesburg Stock Exchange, the Top-40 index was last up 0.1% in early trade.
South Africa's benchmark 2035 government bond was also stronger, as the yield fell 2.5 basis points to 7.955%.
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