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Rand perks up on upbeat China data

Johannesburg - The rand firmed against the US dollar on Tuesday, supported by better-than-expected manufacturing data out of China and as the dollar took a breather after a recent rally.

Commodity-linked currencies recovered some losses after HSBC reported China's purchasing managers index beat market expectations. The world's second largest economy is also South Africa's biggest trading partner, making the resource-heavy rand sensitive to developments in Beijing.

At 08:46, the rand traded at R11.1350 to the dollar, 0.24% stronger than its previous close and pulling away from seven month low tested in the last three sessions.

The rand's rally could be short-lived with domestic economic weakness and uncertainty about global interest rates piling pressure on the local currency, experts say.

The South Africa Reserve Bank will on Tuesday release its leading business cycle indicator for July, a survey that collates economic indicators such as vehicle sales, business confidence and money supply. The indicator is expected to continue edging up as the economy stutters.

Yields on government bonds nudged up one basis point to 8.195% on the benchmark 2026 issue.

Trade is likely to be sideways until the close of the weekly auction at 11:00. The Treasury has offered R2.35bn in 2032, 2037 and 2044 bonds. Results are due after 11:00.

Later Statistics South Africa will release second quarter employment and earnings data.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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