South African rand gains from risk rally before leading indicator and jobs data
JOHANNESBURG, June 24 (Reuters) - The South African rand firmed against a weaker dollar in early trade on Tuesday, after U.S. President Donald Trump's announcement of an Israel-Iran ceasefire and before the release of domestic leading indicator and formal sector employment data.
The risk-sensitive local currency has gained some ground after falling to a one-month low on Monday as uncertainty over the Middle East conflict hung over markets.
But at 0632 GMT the rand traded at 17.7575 against the dollar , roughly up 0.7% on Monday's close and paring some of its losses.
Trump announced a ceasefire between Israel and Iran on Monday evening, news that sent investors cheering and sparked a risk rally across emerging market equities and currencies.
Domestic investors will focus on April's business cycle leading indicator (ZALEAD=ECI), opens new tab data at 0700 GMT, which collects data on vehicle sales, business confidence, money supply and other factors in Africa's most industrialised economy.
The country's statistics agency will release first-quarter formal employment figures shortly after, which exclude the agricultural sector.
In fixed income, government bonds also firmed in early deals. The yield for debt maturing in 2035 fell 8.5 basis points to 9.975%.
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