Market News
South African rand broadly steady before manufacturing survey, car sales data - REUTERS
JOHANNESBURG, Nov 2 (Reuters) – The South African rand was little changed in early trade on Monday ahead of the release of a local manufacturing purchasing managers’ index (PMI) and vehicle sales data for October.
- At 0626 GMT the rand traded at 16.6965 against the dollar, a whisker away from its previous close.
- An Absa PMI survey is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa’s largest economy.
- South African manufacturing sentiment improved in September after three months of contraction, helped by a rebound in new orders.
- Vehicle sales data is due around 1200 GMT, giving a snapshot of consumer demand for big-ticket items.
- Nedbank economists said in a research note that they expect car sales growth to have moderated to 11.2% from 12.7% in September, reflecting the rise in fuel prices and interest rates.
- South Africa’s benchmark 2035 government bond was flat in early deals, with the yield at 8.59%.
