The South African Rand was a notch firmer against the US Dollar at the start of a data-laden week, as investor focus sets on future policy rates.
The week “starts slow but ends with some top-tier events,” Rand Merchant Bank analysts wrote in a note.
Among macro data releases, the most anticipated will be inflation figures out of Germany, France and the Euro Area as a whole, the second estimate of US GDP growth for Q3, US Core PCE inflation and personal spending figures for October, coupled with a series of manufacturing business survey results out of major economies.
Market players will also pay close attention to a speech by Federal Reserve Chair Jerome Powell on Friday.
The US Dollar extended losses, as traders seemed more convinced that US interest rates had already peaked. The US Dollar Index was last down 0.08% on the day to 103.328.
Futures market data indicated an almost 23% chance that the Federal Reserve might begin reducing the federal funds rate as early as March 2024.
Meanwhile, Rand traders will be expecting South African reports on producer price inflation and balance of trade for October, scheduled to be released on Thursday.
As of 10:06 GMT on Monday USD/ZAR was edging down 0.14% on the day to trade at 18.7420.
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