"Markets anticipate little game changing reforms, with many
past priorities unfulfilled and the economic environment instead
deteriorating on weakening infrastructure," Investec analyst
Annabel Bishop said in a research note.
Separately, South Africa's net foreign reserves rose to
$54.844 billion in January from $53.827 billion in December,
Reserve Bank figures showed.
Shares on the Johannesburg Stock Exchange were little
changed, with both the broader all-share index and the
top-40 index closing not far from their previous close.
South Africa's biggest cement maker PPC Ltd ended
20.23% higher after Bloomberg reported that it was considering
selling its Zimbabwe business for about $200 million.
The government's benchmark 2030 bond was weaker,
with the yield up 6 basis point at 9.760%.
(Reporting by Nellie Peyton and Bhargav Acharya with additional
reporting by Nqobile Dludla; Editing by Subhranshu Sahu and
Alexander Smith)
(Updates prices to reflect afternoon trade)
JOHANNESBURG, Feb 7 (Reuters) - South Africa's rand
inched higher against the dollar on Tuesday ahead of a speech by
Federal Reserve Chair Jerome Powell that could provide further
clues on the U.S. interest rate hike path.
At 1545 GMT, the rand traded at 17.6400 against the
dollar, about 0.11% stronger than its previous close.
The dollar rose to a one-month peak against a basket of six
major currencies and was last up 0.21% at 103.82 , after
traders raised their forecasts for how high the Fed might raise
interest rates.
Powell is set to deliver a speech at the Economic Club of
Washington later on Tuesday, where investors will be keen to
hear his take on the labour market.
The domestic focus this week is on Cyril Ramaphosa's annual
State of the Nation Address on Thursday amid local media reports
of a possible cabinet reshuffle by the South African President.
However, analysts have cautioned against expecting any major
announcements and reforms, even as South Africa grapples with
daily power outages.
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