South African rand softens at start of data-filled day

JOHANNESBURG: South Africa’s rand softened early on Tuesday, at the start of a day packed with local economic data releases.

At 0626 GMT, the rand traded at 17.81 against the US dollar, about 0.2% weaker than Monday’s close.

South Africa-focussed investors will look to October’s mining production data at 0930 GMT and the manufacturing output figures for the same month at 1100 GMT.

Although the releases will not be market-moving individually, together they are important indicators of economic performance, analysts said.

South African rand firms ahead of key economic data

Also on the investors’ radars will be November’s Business Confidence Index, due at 0930 GMT, for signs of private sector sentiment towards Africa’s most industrialised economy.

South Africa’s benchmark 2030 government bond was little changed in early deals, with the yield at 8.895%. Reuters