Rand a touch softer in subdued trade
The budget policy statement on Wednesday is stealing focus, although global sentiment is still positive due to looming US-China trade talks
The rand was slightly softer on Tuesday morning, as investors await fresh catalysts.
Possible volatility for the local currency will come on Wednesday, when finance minister Tito Mboweni will deliver his much-anticipated budget policy statement.
Until clarity is given on the state of government finances, the rand is expected to remain somewhat range-bound, analysts said.
LISTEN: What to expect from this year's National Budget:
At 9.40am the rand was 0.24% weaker at R14.1493/$. 0.15% softer at R15.9902/€, while remaining flat at R18.2594/£. The euro was little changed at $1.1301.
Global market focus is on US-China trade talks, which resume in Washington on Thursday. There is some optimism that progress will be made, after upbeat assessments from both sides of last week’s talks, which took place in Beijing.