The USD/ZAR currency pair hovered just above a fresh 5-month low of 17.9760 on Tuesday ahead of a planned meeting between President Cyril Ramaphosa and US President Donald Trump in Washington.

The South African delegation arrived in the US yesterday to hold talks with the Trump administration, seeking to renew strained ties between the two countries.

The meeting between the two heads of state will take place on Wednesday.

In the meantime, Finance Minister Enoch Godongwana is to make his third attempt to pass a budget in parliament on Wednesday, since disputes with coalition partners over value-added tax raise plans overcame two prior attempts.

Rand traders will also be paying attention to South African CPI inflation and retail sales data prints.

In addition, several Federal Reserve officials are expected to make speeches later in the day, with investors looking for more insight into macroeconomic conditions and the Fed’s future policy trajectory.

The USD/ZAR currency pair was last down 0.26% on the day to trade at 18.0394.