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Johannesburg — The rand was steady at firmer levels yesterday morning as traders awaited the release of US gross domestic product (GDP) figures — due later in the afternoon. The first-quarter GDP figures are expected to show the negative effects of the cold weather in the north of the country.

“If anything‚ the risk is for a lower readout than forecast‚ with some even predicting a contraction — a repeat of the economy’s experience in the first quarter of last year,” Dow Jones Newswires reported.

Traders are mindful and watchful of US data as it gives clues on how quickly (or slowly) the Federal Reserve will hike interest rates. In early morning the rand was at 11,8632 against the greenback from a close of 11,8666 on Tuesday. The local unit was at 13,0111 against the euro from a previous close of 13,0294, and was at 18,2084 against the British pound from 18,2011 previously.

The euro was trading at $1,0967 against the dollar from a Tuesday close of $1,0981. Barclays Research said in an early morning note that the rand was at its best levels in almost two weeks. — AFP