South African rand firms before local manufacturing PMI

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South African rand firms before local manufacturing PMI

9:37 CAT | 02 May 2025

File photo: Reuters

The South African rand firmed in early trade on Friday, ahead of the release of a purchasing managers’ index (PMI) survey for the local manufacturing sector.

At 0633 GMT, the rand was trading at 18.4375 against the dollar , up roughly 0.5% on Thursday’s closing level.

The dollar index was down about 0.3% on global markets, as investors awaited the U.S. non-farm payrolls report for an indication of when the Federal Reserve will resume cutting interest rates.

Rand traders are looking to South Africa’s April manufacturing PMI due for release around 0900 GMT to shed light on business conditions in Africa’s most industrialised economy.

The PMI has been in contractionary territory for the past five months, weighed down by strained South Africa-U.S. relations, power cuts and logistics bottlenecks.

April vehicle sales figures are also expected around 1200 GMT.

South Africa’s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2.5 basis points at 8.795%.

Source: Reuters