South African rand shrugs off weak manufacturing data
JOHANNESBURG, June 10 (Reuters) - The South African rand strengthened on Tuesday despite a sharp contraction in local manufacturing output, as investors waited for more clarity on U.S.-China trade talks.
At 1415 GMT, the rand traded at 17.69 against the dollar , about 0.2% stronger than Monday's closing level.
South Africa's manufacturing output (ZAMAN=ECI), opens new tab fell 6.3% year on year in April, the sixth consecutive monthly decline, statistics agency data showed on Tuesday.
Analysts polled by Reuters had expected a drop of 3.9%.
Weakness in the manufacturing sector was one factor behind the first quarter's sluggish growth of just 0.1%(ZAGDPN=ECI), opens new tab, offsetting a strong performance by agriculture.
The rand was also supported on Tuesday by a stronger global gold price and by a weaker U.S. dollar .
The Johannesburg Stock Exchange's Top-40 index (.JTOPI), opens new tab was last up 0.6%. The benchmark 2035 government bond was stronger, as the yield fell 4 basis points to 10.095%.
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