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Rand wilts as domestic indicators show a weak economy

By 1515 GMT the rand had weakened 0,49 percent to 12,3100 against a greenback.

FILE:  The rand has shed nearly three percent in the week and close to 10 percent in the first two quarters of 2015 against the dollar. Picture: EWN.

JOHANNESBURG - The rand slipped against the dollar on Friday as domestic data continued to disappoint in a week where the frailties of South Africa's economy showed.

By 1515 GMT the rand had weakened 0,49 percent to 12,3100 against a greenback struggling on the back of tepid jobs data likely to push back a rate hike in the United States to after September.

Output and new orders in South Africa's private sector declined sharply, dragging Standard Bank's June index measuring purchasing activity to an 11-month low.

Friday's disappointing PMI release comes after consumer sentiment crashed to a 14-year low in Q2 and a near five percent contraction in new car sales.

"Those two indicators were very telling, the vehicle sales and consumer confidence," said Marten Banninga, head of fixed income at WWC Securities.

The indicators showed inflation was being driven by cost-pull rather than demand-push factors, and there was little any rate hike by South Africa's central bank at its meeting on 23 July could do to help the economy, Banninga said.

Cost-push inflation is inflation caused by price increases of inputs such as labour and electricity.

The rand has shed nearly three percent in the week and close to 10 percent in the first two quarters of 2015 against the dollar.

Governments bonds weakened as well, with the benchmark paper due in 2026 adding 1,5 basis points to 8,265 percent.

Traders said results of Greece's referendum on its international bailout on Sunday could add pressure on local markets.