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Business Recorder
6 days ago
- Business
- Business Recorder
South African rand gains before manufacturing PMI, vehicle sales data
JOHANNESBURG: The South African rand gained some ground against a weaker dollar in early trade on Monday, ahead of a purchasing managers' index (PMI) survey for the domestic manufacturing sector and vehicle sales figures. At 0602 GMT, the rand traded at 17.9475 against the dollar , about 0.2% firmer than Friday's closing level. The Absa PMI for May is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa's most industrialised economy. Local investors will then turn their focus to vehicle sales data due around 1200 GMT, giving a snapshot of consumer demand for big-ticket items. Nedbank economists said they expect annual growth in new vehicle sales to have accelerated from 11.9% in April to 20.4% in May, reflecting last year's low base and easing financial conditions due to interest rate cuts. South African rand falls back after strong gains The dollar last traded about 0.2% weaker against a basket of currencies as U.S.-China trade tensions continued to simmer and investors turned defensive ahead of U.S. jobs data. South Africa's benchmark 2035 government bond was little changed in early deals, with the yield up 0.5 basis points at 10.16%.
Reuters
03-03-2025
- Business
- Reuters
South African rand firms ahead of manufacturing PMI
JOHANNESBURG, March 3 (Reuters) - South Africa's rand firmed early on Monday, ahead of a purchasing managers' index (PMI) survey for the domestic manufacturing sector. At 0725 GMT, the rand traded at 18.66 against the U.S. dollar , about 0.3% stronger than its previous close. The Absa PMI for February is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa's most industrialised economy. The dollar was little changed against a basket of currencies as investors processed U.S. President Donald Trump's , the delay in finding peace in Ukraine and the prospect of a weaker U.S. economy. Analysts said the rand will continue to take its direction from the broader movements of the dollar for the time being. On the Johannesburg Stock Exchange, the blue-chip Top-40 (.JTOPI), opens new tab index last traded up about 0.9%. South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 3 basis points to 9.175%.
