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Rand falls on weak China trade data

Johannesburg - The rand gave up its gains against the dollar early on Monday, tracking other commodity currencies which fell after China, a major importer of their products, released weak trade data.

At 08:43 the rand was trading 0.61% softer at R12.0735/$ compared with its closing level on Friday.

The rand mirrored a tumble by the Australian dollar after a shock contraction in China's exports added to worries about slowing growth in the world's second-largest economy.

"The rand is at risk of pushing substantially weaker today following the terrible Chinese trade data," said John Cairns, a currency strategist at Rand Merchant Bank.

"The rand is usually not as sensitive to data from China but will presumably play follow-my-leader this morning."

Government bonds were similarly soft in early trade. The yield ON the 2026 benchmark rose 5.5 basis points to 7.765%.

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Rand - Dollar
18.98
-0.4%
Rand - Pound
23.94
-0.2%
Rand - Euro
20.50
-0.2%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.4%
Platinum
898.45
-0.8%
Palladium
1,000.75
-0.1%
Gold
2,193.42
-0.1%
Silver
24.50
-0.6%
Brent Crude
86.09
-0.2%
Top 40
67,995
+0.5%
All Share
74,200
+0.4%
Resource 10
56,292
+1.1%
Industrial 25
103,603
+0.3%
Financial 15
16,537
+0.1%
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