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Rand slightly firmer, focus on economic growth numbers

A survey on Friday showed conditions in South Africa’s manufacturing sector deteriorated slightly last month, suggesting the economy remained fragile under Ramaphosa, who replaced Jacob Zuma in February.

Picture: EWN

JOHANNESBURG - The rand firmed slightly against the dollar early on Monday, as traders awaited growth and manufacturing numbers due this week to see how the economy is faring under President Cyril Ramaphosa.

At 0620 GMT, the rand traded at R12.6600 per dollar, 0.26% firmer than its close on Friday.

Statistics South Africa publishes first-quarter GDP figures on Tuesday and April manufacturing data on Thursday.

A survey on Friday showed conditions in South Africa’s manufacturing sector deteriorated slightly last month, suggesting the economy remained fragile under Ramaphosa, who replaced Jacob Zuma in February.

“Locally economic data disappointed in recent days, in our view. In light of the external environment, the disappointing data should make it more difficult for the rand to sustain a rally,” Nedbank analysts wrote in a note.

In fixed income, the yield on the benchmark government bond due in 2026 was down one basis point at 8.61%.

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