South African Rand Holds at 16.18 Ahead of 32.7% Jobless Data
Updated
Updated · polity.org.za · Aug 11
South African Rand Holds at 16.18 Ahead of 32.7% Jobless Data
3 articles · Updated · polity.org.za · Aug 11
Summary
The rand traded at 16.18 per dollar by 0600 GMT on Tuesday, little changed from Monday’s 16.1950 close as investors waited for South Africa’s labour-market report due at 0900 GMT.
Nedbank expects unemployment to edge up from the current 32.7% rate, saying higher fuel costs and second-quarter uncertainty hurt business confidence and delayed hiring.
Manufacturing data due at 1100 GMT is also expected to show weakness, with Reuters-polled analysts forecasting a 3.8% year-on-year drop in June after a 4.3% fall in May.
South Africa’s 2035 government bond was slightly weaker in early trade, with the yield up 2 basis points to 8.325%, underscoring cautious sentiment around the data releases.