Economic news

South African Rand Drifts Lower; Manufacturing and Mining Data Due this Week

JOHANNESBURG, July 10 (Reuters) - The South African rand drifted lower against the dollar in early trade on Monday, at the start of a week in which local manufacturing and mining data will be released.

Analysts cited U.S. consumer inflation data on Wednesday as potentially a crucial driver for the rand.

"From a multi-day/week perspective, (the dollar/rand exchange rate) is in no man's land ... and looking for direction from U.S. CPI," Rand Merchant Bank analysts said in a research note.

At 0610 GMT, the rand traded at 18.8850 against the dollar , around 0.1% weaker than its previous close.

Like other emerging market currencies, the risk-sensitive often takes cues from big global drivers when there is little going on locally.

Statistics South Africa will release May manufacturing output on Tuesday and mining figures on Thursday.

South Africa's benchmark 2030 government bond was flat early on Monday, the yield at 10.770%.

Reporting by Tannur Anders Editing by Alexander Winning

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree