South African rand steady ahead of leading indicator data

JOHANNESBURG, Oct 27(Reuters) – The South African rand was steady in early trade on Tuesday, ​ahead of central bank data which ‌is expected to offer fresh clues on the outlook for Africa’s most industrialised economy

• At 0632 ​GMT, the rand traded at 16.6525 ​against the dollar , little changed from its ⁠previous close
• The South African Reserve Bank ​is due to publish the country’s leading ​business cycle indicator (ZALEAD=ECI), for August, which includes data on vehicle sales, business confidence, money supply and other ​factors, at 0700 GMT
• Markets are also ​awaiting the Federal Reserve’s policy decision on Wednesday ‌for ⁠fresh guidance on the outlook for interest rates
• Traders are pricing in about an 11% chance of a rate hike this week ​and an ​82% ⁠chance of a December increase, according to the CME’s FedWatch Tool
• Like ​other risk-sensitive currencies, the rand ​often ⁠takes its cues from global factors, particularly US monetary policy, alongside domestic economic data
• South ⁠Africa’s ​benchmark 2035 government bond was ​steady in early deals, with the yield at 8.62%

Reporting ​by Nilutpal Timsina; Editing by Jochelle Mendonca