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South African rand slips as Q1 unemployment rate climbs - REUTERS

MAY 15, 2024

JOHANNESBURG, May 14 (Reuters) - South Africa's rand weakened on Tuesday after local data showed the country's unemployment rate rose in the first quarter and local mining output fell in March.

At 1338 GMT, the rand traded at 18.4175 against the dollar , about 0.3% weaker than its previous close.
The dollar last traded about 0.13% stronger against a basket of global currencies.

South Africa's unemployment rate rose for the second quarter in a row to 32.9% in the first three months of this year, bringing it closer to the record high of 35.3% reached in late 2021 during the COVID-19 pandemic.

"The outlook for the job market remains poor. Employment in the services industries will likely stagnate as restrictive monetary policy continues to weigh on domestic demand, hurting confidence," Nedbank analysts said in a research note.

Meanwhile, total mining output fell 5.8% year on year in March, statistics agency data showed.
Global markets await the latest U.S. inflation print on Wednesday.

On the stock market, both the Top-40 (.JTOPI) and the broader all-share (.JALSH) indexes were trading around 0.3% higher. 

Anglo American Platinum's Johannesburg-listed shares (AMSJ.J) fell as much as 10% and were last down 7.1%, after parent Anglo American (AAL.L) said in a strategic review that it was exploring a demerger of its troubled platinum unit. 

South Africa's benchmark 2030 government bond was weaker, with the yield up 4 basis points to 10.505%.


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