* Rand steady ahead of current account data
* Bonds unmoved from Friday’s close
JOHANNESBURG, March 19 (Reuters) – South Africa’s rand held
steady on Monday against the dollar as traders waited for the
release later in the day of the current account for the fourth
quarter of last year.
The rand was trading at 7.5655 versus the greenback
at 0617 GMT, little changed from Friday’s close of 7.572.
The current account data due at 0800 GMT is projected to
show growing deficits, putting pressure on the currency.
Economists expect the deficit to have widened to 4.1 percent
of gross domestic product (GDP) in the fourth quarter of 2011
from 3.8 percent previously, dominated by large imports of
consumer goods and disappointing export volumes.
“The positive data we have seen over the last week and
expect to see out of the U.S. is creating a little bit better of
sentiment around risk, which is helping to bolster the likes of
emerging markets,” said Brigid Taylor, head of Institutional
Sales at Nedbank.
Traders said the market would be trading in a range of
7.5-7.6.
Government bonds were muted. Yields on the benchmark bonds
were flat, with the 2015 bond at 6.835 percent and
that on the 2026 issue at 8.415 percent.
Stocks opened higher, with the JSE’s blue-chip Top-40
up 0.14 percent shortly after the 0700 GMT start of
trade.
(Reporting by Vuyani Ndaba; Editing by Jon Herskovitz)
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