JOHANNESBURG, Aug 6 (Reuters) - The South African rand
was steady in early trade on Wednesday, with investor focus
still pinned on tariff updates before Washington's deadline.
At 0724 GMT, the rand traded at 17.88 against the dollar
, barely changed from Tuesday's close.
"The rand is trading below the R17.90 level this morning as
it continues to recover from Monday's tariff-driven blowout and
strong dollar," said Andre Cilliers, currency strategist at
TreasuryONE.
This week's major focus for the country is whether it can
negotiate a better trade pact as it faces a 30% duty on goods
exported to the U.S., the highest rate among Sub-Saharan African
countries.
The dollar last traded flat against a basket of
currencies as investors held back from making big bets ahead of
U.S. President Donald Trump's decision on appointments to the
Federal Reserve.
Trump on Tuesday said he would soon announce a short-term
replacement for Fed Governor Adriana Kugler, who announced her
resignation on Friday, as well as his pick for the next Fed
chair.
"The USD is losing its exceptionalism and is steadily
finding itself on the defensive, allowing other currencies to
make up lost ground," said ETM Analytics in a research note.
The Johannesburg Stock Exchange's Top-40 index was
up 0.6%
South Africa's benchmark 2035 government bond was
weaker in early deals, as the yield rose 3 basis points to
9.705%.