South African rand strengthens ahead of mining, manufacturing data
- October retail sales data published on Wednesday showing a decline of 1.8% on-year had tempered some of the enthusiasm for the local currency.
JOHANNESBURG: South Africa's rand held on to gains against the US dollar early on Thursday ahead of mining and manufacturing data, which will give more insight into the state of the local economy at the start of the fourth quarter.
At 0625 GMT, the rand traded at 14.9400 versus the dollar, 0.13% firmer than its previous close.
The rand has touched its best level in 10 months this week, firming to 14.8800 on Wednesday, as global risk appetite and better-than-expected local economic data lifted demand for the unit.
South Africa's gross domestic product expanded by 66.1% in seasonally adjusted, annualised terms in the third quarter, compared with a revised 51.7% contraction in the second.
Investors will look forward to more data later in the day for clues on the health of the economy, with Statistics South Africa scheduled to publish October mining and manufacturing data.
October retail sales data published on Wednesday showing a decline of 1.8% on-year had tempered some of the enthusiasm for the local currency.
Government bonds weakened in early deals, and the yield on the benchmark instrument due in 2030 was up 1.5 basis points to 8.945%.
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