South African rand weakens, stocks set to open lower

JOHANNESBURG (Reuters) – South Africa’s rand slipped at the start of the week, reversing gains from the previous session, ahead of a slew of economic data in the coming days that could give clues on the health of the economy.

At 0642 GMT, the rand traded at 13.0450 per the dollar, 0.35 percent weaker than its New York close on Friday.

The rand had firmed on Friday as the dollar fell after Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy in her speech at a central bankers’ meeting.

Focus in the week on July money supply and private sector credit data on Wednesday, as well as producer price inflation figures and trade numbers due on Thursday.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.28 percent.

In fixed income, the yield for the benchmark government bond due in 2026 was up 1 basis point to 8.58 percent.

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