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Rand weakens ahead of manufacturing survey and car sales data

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Rand weakened in early trade on Thursday

The South African (SA) Rand weakened in early trade on Thursday ahead ​of the release of a local ‌manufacturing Purchasing Managers’ Index (PMI) and vehicle sales data for September.

The Rand ​traded at 16.4875 against the Dollar, ​down about 0.3% from its previous ⁠close.

An Absa PMI survey is set ​to be released at 0900 GMT and ​will shed light on manufacturing conditions in Africa’s largest economy.

SA manufacturing sentiment deteriorated further in ​August as business activity slumped, signalling ​a weak start to the second half of the ‌year.

Vehicle ⁠sales is due, giving a snapshot of consumer demand for big-ticket items.

Nedbank economists said in ​a research ​note that ⁠they expect car sales growth to moderate from 11.4% in ​August to 6.7% in September.

On ​the ⁠Johannesburg Stock Exchange, the Top-40 index was down 0.5% in early trade.

SA’s ⁠benchmark ​2035 government bond also ​weakened, with the yield rising 3 basis points to ​8.85%.

–Reuters–