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Firmer rand eyes jobs, output data

Johannesburg - The rand edged slightly firmer early on Tuesday as domestic fundamentals came into focus with the release of unemployment and manufacturing data set to stoke the currency's recent weakness.

At 06:15 the rand was 0.09 firmer at R11.5800/$, hovering near a four-day high above R11.6000 as local and offshore uncertainty swirled ahead of the jobs and production numbers, both expected to show economic growth continues to stutter.

A Reuters poll of economists predicts the rate of unemployment will tick up to 25.5% of the population, while year-on-year manufacturing production in December is seen contracting by 1%.

Data from China revealing imports there had slumped 19.9% coupled with a six-year low inflation print by the world's second-largest economy pushed the local unit lower in the previous session.

The ongoing debt deadlock between Greece and the European Central Bank has also soured investors’ appetite for riskier assets.

READ: Europe and Greece eager to solve differences

Local bonds were flat in early trade with the government issue due in 2026 unmoved at 7.48%, although yields are expected to tick up with investors chasing safer bets overseas.

Data from the Johannesburg stock exchange on Monday showed that investors sold over R3.1bn in local bonds in the previous week.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
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Palladium
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All Share
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Resource 10
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