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Today, the South African rand is trading higher against the majors, ahead of the South African 4Q12 GDP data slated for release later in the day and the South African Finance Minister, Pravin Gordhan’s annual budget speech tomorrow. Additionally, markets would be eyeing the US Federal Reserve Chairman, Ben Bernanke’s semiannual testimony on monetary policy to the Senate Banking Committee today and a subsequent address before the House Financial Services Committee tomorrow for clues on the future of the US monetary policy.
The yield on benchmark government bonds fell yesterday. The yield on the 2015 bond fell to 5.25%, while that for the longer-dated 2026 issue declined to 7.20%.
At 06:00 SAST, the US dollar is trading 0.5% lower against the South African rand at R8.8223, while the euro is trading 0.3% lower at R11.5404. At 06:00 SAST, the British pound is trading 0.3% lower against the South African rand at R13.3980.
Yesterday, the euro weakened against most of the major currencies, amid uncertainty surrounding the outcome of the Italian election.
At 06:00 SAST, the euro advanced 0.2% against the US dollar to trade at $1.3083, while it is trading flat against the British pound at GBP0.8615.
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