JOHANNESBURG – The South African rand was slightly weaker on Tuesday, but analysts said local political developments could lend it support in the coming days.<\/p>\n
At 0745 GMT, the rand traded at 17.64 against the dollar, down 0.1% on Monday’s closing level.<\/p>\n
The dollar was up 0.1% against a basket of global currencies.<\/p>\n
On Monday, President Cyril Ramaphosa removed a minister accused of misconduct by his party’s key coalition partner, which could\u00a0defuse tensions\u00a0between the two main governing parties before a budget vote on Wednesday.<\/p>\n
Advertisement \u00b7 Scroll to continue<\/p>\n
The budget has been held up by months of political wrangling, but Wednesday’s vote on the Appropriation Bill is the final hurdle for it to pass.<\/p>\n
Morgan Stanley said it had turned more bullish on South African government debt in the wake of the minister’s removal.<\/p>\n
It said it now viewed South Africa’s spreads – the premium investors demand to buy South African bonds rather than benchmark debt like U.S. Treasuries – as attractive compared with countries with similar credit ratings.<\/p>\n
South Africa’s benchmark 2035 government bond was stronger on Tuesday, as the yield fell 9 basis points to 9.895%.<\/p>\n
Markets reacted little to a decline in a central bank business cycle indicator that gauges the economic outlook. The leading indicator\u00a0(ZALEAD=ECI), opens new tab\u00a0fell 1.3% month-on-month in May, following a 0.6% decrease in April.<\/p>\n
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