The Reserve Bank's acknowledgment that a rate hike had been discussed extensively has caused the rand to strengthen and bond yields to go up.
Governor Gill Marcus says the South African Reserve Bank will maintain the current repo rate.
Cosatu says the South African Reserve Bank has "missed yet another opportunity" to alleviate unemployment by keeping the repo rate unchanged.
South Africa's monetary policy committee is due to discuss interest rates this week and the rand's weakness is most likely to dominate the agenda.
The rand has held steady against the dollar in early trade but looked vulnerable after hitting a four-year low in the previous session.
The rand continued to drift upwards against the dollar after coming close to a 3-1/2 year low last week.
Fedusa says the South African Reserve Bank should cut the repo rate by at least 100 basis points to stimulate the economy and create jobs.
Reserve Bank governor Gill Marcus says the monetary policy will maintain its focus on hitting a 3% to 6% inflation target over the medium term.
Reserve Bank governer Gill Marcus cites global and local risk factors in holding rates steady.
The Reserve Bank is under pressure to balance the potential of a full-blown financial crisis in Europe with weak growth domestically.
In line with market expectations, Reserve Bank governor Gill Marcus says the repo rate will stay at 5.5%, its lowest level in 30 years.
The South African Reserve Bank has left the repo rate unchanged at 5.5% and the prime rate at 9%.
South Africa may be past its growth peak for 2011 in the light of uncertainty about the global economy and nationalisation.
Monetary policy may remain favourable to the economy and inflation expectations are still within the central bank's target range, says Monde Mnyande.
The SA Reserve Bank left its repo rate unchanged at 5,5% on Thursday as expected. It was the second time this year the bank has left rates steady.
South Africa's rand steadied against the dollar on Thursday and was likely to trade within a narrow range ahead of SA's interest rate decision later.
The South African Reserve Bank remains concerned about the effects of rising oil and food prices on the outlook for inflation, Gill Marcus says.
Government's attempts to curb the rapid strength of the rand were becoming increasingly costly and having little effect on the currency.
The SA Reserve Bank is "likely" to cut the repo rate by 50 basis points at its monetary policy committee meeting on July 22, Standard Chartered said.
The latest South African Reserve Bank quarterly bulletin shows that households are mired in the worst recession since 1991.