South Africa’s rand was little changed on Wednesday, ahead of the release of monthly inflation data and a mid-term budget speech by Finance Minister Tito Mboweni.
At 0645 GMT, the rand ZAR=D3 traded at 16.2175 versus the U.S. dollar, near the previous session’s close.
Consumer price index data ZACPIY=ECI , due at 0800 GMT, is expected to show inflation stayed flat at around 3% year-on-year in September, reflecting weak demand in Africa’s most industrialised economy.
Mboweni’s budget speech will start around 1200 GMT and lay out high-level spending priorities for the next three years.
A Reuters poll last week predicted the minister would announce a marginally wider budget deficit forecast than the one that featured in June’s emergency coronavirus budget. is also expected to unveil more bailouts for ailing state-owned companies, such as South African Airways, which have been a long-term drain on stretched public finances.
Government bonds were also flat, with the yield on the 2030 instrument ZAR2030= at 9.25%.