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South African rand flat before inflation data, budget speech

South African rand flat before inflation data, budget speech

2020-10-28

 

 

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%.

 

 

Source: Reuters

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