South African bonds were steady on Wednesday morning, while the rand was slightly weaker, ahead of the release of US consumer inflation data on Thursday. Weak inflation data could put the dollar pressure and benefit US Treasuries. Local bonds usually track the rand. The benchmark R186 government bonds have stabilised from last week’s rally, in which they strengthened to levels last seen in June last year. The local currency had shown strength in the past week, reaching R12.74 to the dollar, but shed some of those gains to just above R13 on Tuesday. Nedbank analyst Reezwana Sumad said while the rand had been relatively steady of late, it had been under some pressure as a result of various global factors, as well as local political headlines. A Sasfin analyst said while locals seemed to be more bearish, nonresidents picked up an in impressive R4bn worth of bonds at Tuesday’s bond auction. "Nonresidents aren’t particularly concerned or are looking straight through this period of noise,...
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