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South African Rand coins are seen in this illustration picture taken November 5, 2020. REUTERS\/Mike Hutchings\/Illustration\/File Photo<\/p>\nSouth African Rand coins are seen in this illustration picture taken November 5, 2020. REUTERS\/Mike Hutchings\/Illustration\/File Photo<\/p>\n
JOHANNESBURG, July 6 (Reuters)\u00a0\u2013\u00a0The South African rand\u00a0traded flat against the dollar on\u00a0Monday, as markets awaited the Fed\u2019s minutes this week for clues about the interest rate outlook.<\/p>\n
New Chair Kevin Warsh has given little away so far, other than to say last week that anyone thinking the Fed may go easy on inflation, which he acknowledged had cooled recently, could be \u201cdisappointed\u201d.<\/p>\n
At\u00a01411\u00a0GMT, the rand traded at 16.2450\u00a0against the dollar,\u00a0little changed from\u00a0its previous close.<\/p>\n
In the absence of major domestic economic data, the South African rand, like other risk-sensitive currencies, tends to be driven by global factors, including U.S. economic data releases and policy developments.<\/p>\n
The U.S. dollar\u00a0last traded 0.2% stronger against a basket of currencies.<\/p>\n
ETM Analytics said in a note that the rand\u2019s near-term outlook had improved as the U.S. rate hike fears eased, but the currency\u2019s strength was still being framed as conditional rather than structural.<\/p>\n
\u201cWhether investors still hold the same appetite to expose their portfolios to South Africa remains debatable,\u201d it said.<\/p>\n
The domestic economic calendar looks relatively thin this week, with June foreign reserves\u00a0data expected on Tuesday and May manufacturing\u00a0output\u00a0on Thursday.<\/p>\n
On the Johannesburg Stock Exchange, the Top-40 index\u00a0was down 0.7%.<\/p>\n
South Africa\u2019s benchmark 2035 government bond\u00a0strengthened, with the yield\u00a0falling 2 basis points to\u00a08.18%.<\/p>\n