Rand flat near three-week low ahead of current account data

South Africa’s rand was little changed on Thursday as a recent dollar rally ran out of steam ahead of domestic current account numbers and overseas economic data that could impact local assets later in the session.

At 0630 GMT the rand traded 0.02% weaker at 13.15 per dollar, still near its lowest level in three weeks as negative momentum was stoked by warning from credit rating agency Moody’s about political pressure on the central bank.

Read: Attacks on Sarb, judiciary might bring SA closer to junk – Moody’s

A close above the 13.10 technical resistance mark signalled continued pressure on the rand, traders said.

South Africa’s current account deficit is expected to have narrowed in the second quarter, mostly due to consistently positive trade data in the first half of the year.

The United States will publish inflation and jobless claims data on Thursday while the Bank of England meets. Investors will eye these events for an indication of the future path of interest rates.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index barely changed.

In fixed income, the yield for the benchmark government due in 2026 was unchanged at 8.44%.

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