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The South African rand strengthened in early trade on Monday ahead of the release of domestic manufacturing data, as investors also monitored trade developments while the country works to secure a lower tariff rate on exports to the United States.
U.S. imports from South Africa currently face a 30% duty, the highest among sub-Saharan African nations. President Cyril Ramaphosa’s office said last week that he had spoken with U.S. President Donald Trump, and that trade negotiating teams from both countries would hold further discussions.
At 07:01 GMT, the rand was trading at 17.7250 to the dollar, about 0.2% stronger than Friday’s close. Statistics South Africa will publish June manufacturing output at 11:00 GMT. In May, production rose 0.5% year-on-year, but analysts polled by Reuters and Nedbank expect a 1% and 0.8% increase, respectively, for June.
Other key releases this week include mining output and unemployment data on Tuesday, and retail sales figures on Wednesday.
South Africa’s benchmark 2035 government bond was steady in early trade, with the yield unchanged at 9.63%.
