South African Rand Eases Ahead of Economic Data

JOHANNESBURG—The South African rand eased on Tuesday despite recent gains against a weaker U.S. dollar, ahead of key domestic economic data releases.

The rand traded at R16.19 to the U.S. dollar, R18.69 to the euro, and R21.87 to the pound, according to First National Bank.

The currency has been supported by global risk sentiment and dollar weakness following a weak U.S. jobs report, which tempered expectations for near-term Federal Reserve rate hikes.

Higher precious metal prices also bolstered the rand. Gold traded at $4,413 per ounce, reaching a 10-week high, driven by momentum buying, safe-haven demand, and purchases by China's central bank.

Concerns over regional energy supply disruptions supported crude prices, though oil showed modest movement on Tuesday morning.

South Africa will release its unemployment rate for the second quarter on Tuesday, followed by manufacturing production data.