JOHANNESBURG, July 9 (Reuters) - South Africa's rand consolidated gains against the dollar on Tuesday, mirroring a rally across emerging markets, but comments from U.S. Federal Reserve Chairman Ben Bernanke on Wednesday could determine its direction in the days ahead.
The rand was at 10.0550 to the dollar at 1537 GMT, up 1 percent from its close in New York on Monday.
Emerging market currencies regained some ground early on Tuesday after the greenback hit a three-year high on Friday following strong U.S. jobs data.
'We've seen initially a broad recovery in all emerging markets against the dollar - a bit of a relief rally after the sell-off on Friday,' said Gareth Brickman, an analyst at ETM Analytics.
News of an end to a one-day wildcat strike at Anglo American Platinum, the world's biggest producer of the white metal, also supported the rand.
An address by Bernanke and the release of minutes from the Fed's June monetary policy meeting cold move the rand as markets await details on the whether the bank was likely to start shrinking the size of its debt purchase programme.
'We know pretty explicitly that the markets are expecting tapering but any more indications about how soon that could happen could see another leg in the selloff,' said Brickman.
'If not, we could see a further recovery.'
The rand was unlikely to strengthen soon above the 10 level, he added.
Government bond yields fell, declining 13 basis points on the 2026 issue to 7.995 percent and 15 basis points on the 2015 paper to 6.04 percent.
South Africa's Treasury sold a total 2.35 billion rand ($231 million) of its 2023, 2031 and 2048 government bonds on Tuesday
(Reporting by Tosin Sulaiman; Editing by Jon Herskovitz) Keywords: MARKETS SAFRICA/RAND
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