JOHANNESBURG: The South African rand gained in early trade on Monday ahead of the release of domestic manufacturing data, while investors also kept a close eye on trade updates as the country scrambles to secure a lower tariff rate on its exports to the United States.
U.S. imports from South Africa face a 30% duty, the highest rate among sub-Saharan African countries, but President Cyril Ramaphosa’s office said last week he had spoken with U.S. President Donald Trump and that the two countries’ trade negotiating teams would hold more detailed talks.
At 0701 GMT the rand traded at 17.7250 against the dollar , about 0.2% stronger than Friday’s close.
Statistics South Africa will publish June manufacturing output at 1100 GMT on Monday.
Production inched up 0.5% year-on-year in May, but analysts polled by Reuters and Nedbank economists expect it to have risen 1% and 0.8% respectively.
This week’s releases also include mining output and unemployment figures on Tuesday and retail sales data on Wednesday.
South Africa’s benchmark 2035 government bond was flat in early deals, with the yield at 9.63%, unchanged from its previous close.
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