Global analysts Lehman Brothers say that today's Monetary Policy Review document is a crucial one, with the key issues being the outlook on consumer debt and inflation, and any Eskom talk, while an emergency rates meeting is still considered a possibility.

They say that with the rise in repossessions affecting consumption, it will be important to note the extent to which the central bank sees investment taking up the strain.

"This bi-yearly report comes at a crucial time for both the Monetary Policy Committee [their next official rates meeting is on 12 June] and the markets, and contains details of the South African Reserve Bank's (SARB's) inflation forecast (with the fan chart) and growth outlook," say the analysts.

They add that comments from Governor Mboweni at the time of publication and any mention of different Eskom scenarios and their effect on inflation may well move the rates market, while an inter-meeting rate hike is still considered to be a possibility.

The MPR is due for release at 5.30pm.

South African bonds opened on the front foot on Monday due to the stronger rand overnight and a receding oil price.

However, a dealer told I-Net Bridge most investors preferred operating off a short base ahead of the MPR.

I-Net Bridge