South African rand softens amid key local monthly data releases
The South African rand softened in early trade on Friday with investors eyeing the release of monthly economic data from the central bank, revenue service agency and National Treasury.
At 0708 GMT, the rand traded at 17.1675 against the dollar, slightly weaker than Thursday's closing level of 17.1475.
Data from the South African Reserve Bank showed that M3 money supply growth last month was at 7.52%, up from 6.07% in September. Private sector credit growth for October came in at 7.26%, well over September's 6.03% and the 6.45% estimated in a Reuters poll.
"The private sector is still grappling with a difficult trading environment due to significant global uncertainties," said Nedbank economists.
Later in the day, South Africa's revenue service agency and National Treasury are expected to publish trade and budget balance data respectively.
ETM Analytics said in a research note that investors will be particularly interested in the latest trade figures as the country has recorded eight consecutive months of surpluses in 2025, despite the introduction of various US tariffs earlier in the year.
"These surpluses have been supported by elevated commodity prices, which boost export values, as well as lower international oil prices that reduce import costs," said the note.
On the Johannesburg Stock Exchange, the Top-40 index was up 0.5% in early trade.
In fixed income, government bonds also strengthened in early deals, as the yield for debt maturing in 2035 fell 3 basis points to 8.545%.
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