South African rand flat ahead of leading economic indicator, local inflation data
The South African rand was flat in early trade on Tuesday, ahead of the release of local central bank data and inflation data that will shed light on the country's economic outlook.
At 0512 GMT, the rand traded at 16.75 against the dollar, little changed from its previous close of 16.7550.
At around 0700 GMT, the South African Reserve Bank will publish the country's leading business cycle indicator for October, which collects data on vehicle sales, business confidence, money supply, and other factors.
It will help domestically-focussed investors to gauge the health of Africa's most industrialised economy.
Then traders will turn their attention to November consumer inflation data, due at 0800 GMT.
Economists polled by Reuters expect annual inflation to come in at 3.6% for November, unchanged from October's print.
Economists at Nedbank anticipate annual inflation to ease to 3.4% in November, mainly due to lower fuel prices.
"During the month, Brent crude price fell by 2% and the rand strengthened by 1.2% against the U.S. dollar, resulting in a 2.4% decline in local fuel prices. This pulled the annual increase in fuel costs down sharply from 3.3% to 0.9%," said Nedbank in a research note.
However, the bank's economists expect food inflation to remain elevated, driven by double-digit increases in meat prices amid ongoing outbreaks of foot-and-mouth disease.
South Africa's benchmark 2035 government bond was also muted in early deals, as the yield fell 1 basis point to 8.385%.
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