South Africa's rand weakened against a stronger U.S. dollar on Tuesday, as investors awaited the government's mid-term budget statement.
The main economic event in South Africa will be Wednesday's medium-term budget policy statement, which updates economic forecasts, adjusts the budget and makes emergency changes to spending.
"Any sign that the government is focused on fiscal sustainability and reforms, and the rand could catch a strong bid tone," ETM Analytics said in a note. On Tuesday, investors are awaiting trade balance figures for September, which could ease some pressure on the rand if another trade surplus is posted, ETM said.
South Africa's benchmark 2030 government bond was unchanged in early deals, with the yield at 10.705%.The European Union plans to invest 60 million euros in upgrading one of the Uganda's largest hydropower plants, helping partially plug a financing gap for the country's ageing energy infrastructure, a top diplomat said on Monday.
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