South African rand edges lower after tumble on Chinese data

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South African rand edges lower after tumble on Chinese data

9:43 CAT | 01 Aug 2023

Photo: Reuters

The South African rand edged lower in early trade on Tuesday after falling over 1% on Monday on the back of weak Chinese manufacturing data.

At 0659 GMT, the rand traded at 17.9050 against the dollar ZAR=D3, about 0.14% weaker than its previous close.
The dollar =USD last traded at 101.960, around 0.08% firmer against a basket of global currencies.

“The rand lost ground yesterday as the dollar firmed, and China’s economic woes raised global growth concerns once again and dampened risk appetite,” said Andre Cilliers, currency strategist at TreasuryONE.

At around 1200 GMT, the National Association of Automobile Manufacturers of South Africa will release the country’s vehicle sales data for July ZAVEHY=ECI.

South Africa’s benchmark 2030 government bond ZAR2030= was also slightly weaker in early deals, with the yield up 3 basis points to 10.245%.

Source: Reuters