South African rand gains against dollar, focus on US data this week
Updates prices as of 1502 GMT, adds analyst comment in paragraph 4
JOHANNESBURG, Oct 7 (Reuters) -South Africa's rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.
At 1502 GMT, the rand traded at 17.40 against the dollar ZAR=D3, about 0.5% stronger than its previous close.
The rand slipped more than 2% against the dollar last week on growing tensions in the Middle East and comments by the Fed Chair Jerome Powell which dampened expectations of more big rate cuts.
"Last week's clear-out should be seen as healthy, as it cleared out stale positions and reset the stage for the next catalyst that might spark a leg of rand appreciation," said Danny Greeff, co-head of Africa at ETM Analytics.
A slew of Fed officials are due to speak at events this week, which could give further clues on the central bank's future interest rate trajectory. Focus will also be on U.S. September inflation figures on Thursday.
Minutes from the Fed's September meeting on Wednesday are expected to explain the bank's big rate cut last month.
"The minutes... will provide insights into the Fed’s aggressive 50bp (basis point) rate cut and could reveal how sensitive the Fed is to economic weakness," said Andre Cilliers, currency strategist at TreasuryONE.
With a light domestic calendar, save for monthly mining and manufacturing figures on Thursday, the rand is set to take cues from global drivers.
On the stock market, the Top-40 .JTOPI index closed little changed.
South Africa's benchmark 2030 government bond ZAR2030= was slightly weaker, with the yield up 0.5 basis points to 9.21%.
Reporting by Bhargav Acharya and Tannur Anders, Editing by Ed Osmond and Christina Fincher
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