South African rand steady with local economic data, Fed decision in focus

By JOHANNESBURG: The South African rand was steady in early trade on ​Monday as investors awaited a series ‌of domestic economic data releases and the Federal Reserve's policy decision later this ​week. At 0602 GMT, the rand traded ​at 16.6125 against the dollar , little ⁠changed from its previous close. Investors ​will track a series of month-end domestic ​economic data releases, including money supply, private sector credit, trade balance and budget balance, as ​well as September producer inflation ​data. Markets also await the Fed's policy meeting on ‌October ⁠28. Traders largely expect the central bank to leave rates unchanged this week, while expectations for a hike in ​December are ​at ⁠75%, according to CME's FedWatch Tool. Like other risk-sensitive currencies, the ​rand often takes its cues ​from ⁠global factors, particularly US monetary policy, alongside domestic economic data. South Africa's benchmark ⁠2035 ​government bond was steady ​in early deals, with the yield at 8.635%.