JOHANNESBURG, Aug 20 (Reuters) – The South African rand gave back some gains in early trade on Tuesday, ahead of the country’s leading indicator data release, and as markets await clues on both local and U.S. interest rate paths this week.

At 0615 GMT, the rand traded at 17.73 against the dollar, about 0.2% softer than its previous close.

“The rand’s strong run continued yesterday as it closed at the day’s best level… on the back of the weaker dollar and positive risk sentiment,” Andre Cilliers, currency strategist at TreasuryONE, said.

“The local currency has given back some of the gains this morning in line with slightly softer EM (emerging market) currencies,” Cilliers added.

Local investors will on Tuesday focus on South Africa’s leading indicator for June, which collects data on vehicle sales, business confidence, money supply and other factors.

On Wednesday, focus will be on South Africa’s July inflation print for hints on the future interest rate path of Africa’s most industrialised economy.

Economists polled by Reuters expect the central bank to cut interest rates for the first time in more than two years on Sept. 19.

Globally, markets will look toward U.S. Federal Reserve minutes and Chair Jerome Powell’s speech at the Jackson Hole symposium this week for indications on how much the Fed will cut interest rates this year.

Like other risk-sensitive currencies, the rand often takes cues from global drivers including U.S. monetary policy alongside local data points.

South Africa’s benchmark 2030 government bond was little changed in early deals, as the yield gained 0.5 basis point to 9.28%.

(Reporting by Tannur Anders; Editing by Andrew Heavens)