JOHANNESBURG (Reuters) -The South African rand was steady in early trade on Thursday, as investors focused on U.S. jobs data due this week.
At 0628 GMT, the rand traded at 17.7025 against the dollar, about 0.2% weaker than Wednesday’s close.
Analysts say the commodity-backed currency has not performed well recently, as it has remained range-bound even after gold prices hit an all-time peak.
Like other major producers of precious metals, South Africa often benefits from higher gold prices.
The U.S. dollar was little changed against a basket of currencies as investors awaited U.S. non-farm payrolls data due on Friday.
With the Fed focused on the labour market, the report will set the tone for the near-term rate outlook after data on Wednesday showed job openings fell to a 10-month low in July, although layoffs remained relatively low.
Traders will also continue to assess a court ruling that found most of U.S. President Donald Trump’s tariffs are illegal.
“This development means that the USD will remain constrained and the ZAR will remain resilient through the foreseeable future,” said ETM Analytics in a research note.
“The USD is losing its safe-haven appeal because of the level of uncertainty the Trump administration’s tariff policies have exerted on global trade,” the note said.
South Africa’s benchmark 2035 government bond was flat in early deals, with the yield at 9.645%, the same level as its previous close.
(Reporting by Sfundo Parakozov;Editing by Barbara Lewis)
