The South African rand weakened in early trade on Thursday ahead of the release of a local manufacturing purchasing managers’ index (PMI) and vehicle sales data for September.
• At 09:09 the rand traded at 16.4875 against the dollar, down about 0.3% from its previous close.
• An Absa PMI survey is set to be released at 11:00 and will shed light on manufacturing conditions in Africa’s largest economy.
• South African manufacturing sentiment deteriorated further in August as business activity slumped, signalling a weak start to the second half of the year.
• Vehicle sales data is due around 14:00, giving a snapshot of consumer demand for big-ticket items.
• Nedbank economists said in a research note that they expect car sales growth to moderate from 11.4% in August to 6.7% in September.
• On the Johannesburg Stock Exchange, the Top-40 index was down 0.5% in early trade.
• South Africa’s benchmark 2035 government bond also weakened, with the yield rising 3 basis points to 8.85%.
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- The South African rand weakened in early trade on Thursday ahead of the release of a local manufacturing purchasing managers’ index (PMI) and vehicle sales data for September.
- At 09:09 the rand traded at 16.4875 against the dollar, down about 0.3% from its previous close.
- An Absa PMI survey is set to be released at 11:00 and will shed light on manufacturing conditions in Africa’s largest economy.
- South African manufacturing sentiment deteriorated further in August as business activity slumped, signalling a weak start to the second half of the year.
- Vehicle sales data is due around 14:00, giving a snapshot of consumer demand for big-ticket items.
