South Africa’s rand steady in early trade after rally

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A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo

JOHANNESBURG (Reuters) – South Africa’s was rand steady in early trade on Friday after rising as much as 2 percent against the dollar in the previous session, a rally spurred by higher commodity prices and lower-than-expected U.S. inflation data.

At 0625 GMT, the rand was fetching 12.31/dlr, unchanged from its New York close.

Momentum indicators tracked by analysts suggest the currency may be rangebound and struggle for direction, with no major domestic indicators due for release on Friday.

NKC African Economics pegs the currency range for the day at 12.20 to 12.45/dlr.

Disappointing local mining and manufacturing data in the previous session could cap gains as they suggest slowing economic growth.

In fixed income, the yield for the benchmark government bond due in 2026 unchanged at 8.355 percent.

Reporting by Ed Stoddard; editing by John Stonestreet

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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