The South African rand was little changed in early trade on Monday, with analysts saying global drivers including the Israel-Hamas conflict and U.S. economic data were likely to set the tone for trading this week.
Rand Merchant Bank said in a morning briefing that the exchange rate had looked comfortable around 19 rand to the dollar but that rising U.S. Treasury yields risked pressuring the rand.
ETM Analytics said in a research note that investor concern that the conflict in the Middle East could spread was boosting demand for safe-haven assets. "This means that the rand will be a price taker, with none of the domestic data scheduled important enough to override these international developments," ETM Analytics said.
South Africa's benchmark 2030 government bond was slightly stronger in early deals, the yield down 2 basis points to 10.780%.Canadian Prime Minister Justin Trudeau said on Sunday that he had spoken to Israeli President Isaac Herzog about Palestinian Islamist group Hamas' attacks.
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