November 21, 2018 / 7:07 AM / a month ago

South African rand edge higher in early trade

JOHANNESBURG, Nov 21 (Reuters) - South Africa’s rand rose in early trade against a softer dollar on Wednesday, in line with a rise in local bonds and stocks as investor appetite for riskier assets was boosted.

* At 0650 GMT, the rand traded 0.25 percent firmer at 14.0600 per dollar, after closing at 14.0950 in New York.

* The currency is expected to trade in a range of 13.9500 to 14.2000 to the dollar on Wednesday, NKC African Economics said in a note.

* Investors remain skittish on the rand as escalating worries about slowing global growth and the U.S.-Sino trade war tensions continue to be the focus.

* South Africa-focused investors were awaiting the release of the country’s headline consumer inflation data for October, due at 0800 GMT, with the market expecting a 5.1 percent increase year on year from 4.9 percent in September.

* Government bonds were firmer early on Wednesday, with the yield on the benchmark instrument due in 2026 down 2.5 basis points at 9.110 percent.

* Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.72 percent. (Reporting by Nomvelo Chalumbira; Editing by Rashmi Aich)

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