The South African rand edged higher in early trade on Thursday, ahead of a speech by the Federal Reserve Chair that could provide insight on possible direction for U.S. interest rates.
At 0638 GMT, the rand traded at 18.4500 against the dollar , about 0.14% stronger than its previous close.Fed Chair Jerome Powell will give a speech at 1900 GMT, which investors hope will hint at the future interest rate path for the world's biggest economy.
He did not comment on monetary policy during an event on Wednesday, while other Fed speakers indicated earlier this week that the central bank might not be done with rate hikes. "The recent conflicting signals from the Fed over its next interest rate moves have markets on edge and currencies fairly range-bound," said Andre Cilliers, currency strategist at TreasuryONE.
Like other risk-sensitive currencies, the rand often takes direction from global drivers like U.S. monetary policy in addition to local drivers. South Africa's benchmark 2030 government bond was stronger in early deals, with the yield down 2 basis points to 10.295%.A Malaysian lawmaker from a youth-based party that pulled out of the ruling coalition over graft concerns has been found guilty of corruption by the Kuala Lumpur High Court, state news agency Bernama reported on Thursday.
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