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The South African rand edged higher against a softer U.S. dollar in early trading on Monday, as markets awaited key economic indicators, including a domestic manufacturing survey and vehicle sales data.
As of 0602 GMT, the rand was trading at 17.9475 per dollar, up 0.2% from Friday’s close.
Investors are eyeing the release of the Absa Purchasing Managers’ Index (PMI) for May, due at 0900 GMT, which will provide insight into the health of South Africa’s manufacturing sector — the most industrialised in Africa.
Later in the day, attention will shift to new vehicle sales figures, expected around 1200 GMT, which will offer clues on consumer demand for high-value goods.
Nedbank economists projected a sharp increase in annual new vehicle sales, from 11.9% in April to 20.4% in May, citing a low base effect from last year and improved financial conditions following interest rate cuts.
Meanwhile, the dollar weakened by 0.2% against a basket of major currencies as U.S.-China trade tensions lingered and traders turned cautious ahead of upcoming U.S. jobs data.
South Africa’s benchmark 2035 government bond remained steady in early trade, with the yield inching up by 0.5 basis points to 10.16%.
