South African rand holds steady before trade balance data

The South African rand was steady in early trade on Friday, holding near its previous ​close as investors awaited domestic trade balance ‌data for clues to the health of the external sector.
By 0801 GMT the rand was trading at 16.4975 against the ​dollar, a whisker away from its previous ​close.
South Africa's Revenue Service, opens new tab is set to release ⁠June trade balance figures later in the day.
"Today's ​release will show whether May's 1.8 billion rand ($109 million) ​deficit was temporary or the beginning of a weaker external position," ETM Analytics said in a research note.
South Africa's oil ​import bill and mineral exports would heavily influence ​the data, it added.
The rand gained about 1% on Thursday, returning ‌to ⁠its range before the South African Reserve Bank surprised investors and economists by keeping unchanged its main lending rate last week, a move that weighed on the ​currency.
ETM Analytics ​said the ⁠rebound was aided by other central banks also holding rates, a retreat in ​oil prices below $90 a barrel and the ​return ⁠of a measure of calm to the Middle East.
On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab was up ⁠0.6%.
South ​Africa's benchmark 2035 government bond strengthened ​in early deals, as the yield fell 7 basis points to ​8.545%.

-Reuters