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Rand, bonds open week under pressure

Johannesburg - The rand weakened to a two-week low against the dollar on Monday after weak data out of China signalled exports to the Asian giant were likely to come under pressure.

China is South Africa's biggest single trading partner. Surveys released on Monday showed China's economy was loosing further momentum going into the fourth quarter.

At 08:48 the rand fell half a percent from its close to trade at R11.0840 against the dollar.

It was extending losses taken during an emerging market sell-off last week after a surprise decision by the Bank of Japan to loosen monetary policy further.

READ: Eskom CEO: Collapsed silo inspected in 2013

Investors will also be worrying about more electricity outage after power utility Eskom said a coal silo had collapsed and cut generation capacity at one of its power stations on Sunday.

The government will release vehicle sales data on Monday afternoon. Sales volumes are expected to have risen in October.

Yields on South African government bonds rose 5.5 basis points to 7.945% on the benchmark 2026 issue.


FOR THE LATEST ON POWER OUTAGES READ:

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Rand - Dollar
18.93
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.44
+0.1%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
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Palladium
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All Share
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