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Johannesburg - The rand firmed on Thursday, holding on to gains it made in the previous session when the US dollar weakened on data that showed the pace of economic growth in the world's number one economy was slowing.
The local unit gained 0.22% to R10.9400/$ by 08:32, from a close of R10.9645 in New York on Wednesday.
Government bonds also firmed with the yield on the benchmark paper due in 2026 falling 1.5 basis points to 7.68%, after edging towards a year low in the previous session as lower oil prices pointed to benign inflation.
Market watchers expect domestic producer price inflation data due at 11:30 to give the rand direction.
"The rand continues to feature as one of the best performing EM's month-to-date," said ETM Analytics in a note.
"[But] it becomes difficult to read too much into these moves when considering how profit-taking would have featured and liquidity would have lightened up across US markets approaching today’s (Thanksgiving) holiday".
South Africa's producer price inflation slowed to 6.9% year-on-year in September. A Reuters poll of economists puts the October figure at 6.6%.
The local unit gained 0.22% to R10.9400/$ by 08:32, from a close of R10.9645 in New York on Wednesday.
Government bonds also firmed with the yield on the benchmark paper due in 2026 falling 1.5 basis points to 7.68%, after edging towards a year low in the previous session as lower oil prices pointed to benign inflation.
Market watchers expect domestic producer price inflation data due at 11:30 to give the rand direction.
"The rand continues to feature as one of the best performing EM's month-to-date," said ETM Analytics in a note.
"[But] it becomes difficult to read too much into these moves when considering how profit-taking would have featured and liquidity would have lightened up across US markets approaching today’s (Thanksgiving) holiday".
South Africa's producer price inflation slowed to 6.9% year-on-year in September. A Reuters poll of economists puts the October figure at 6.6%.
