Rand Holds Steady Ahead of Producer Inflation Data and Jackson Hole

South Africa's rand held steady near 15.95 per US dollar as traders awaited July producer inflation data and signals from the central bankers gathering at Jackson Hole.

The rand often trades like a risk-sensitive currency, influenced by both local numbers and global mood set by US data and Federal Reserve messaging.

Statistics South Africa's July producer price inflation (PPI) print was due on August 23 at 0930 GMT, with analysts polled by Reuters looking for 6.1% after a 7.5% June reading.

A surprise in producer inflation can quickly reprice South Africa's rate outlook, with hotter-than-expected prints pushing government bond prices down and yields up, as investors demand more compensation for inflation and higher rates.