Rand weaker ahead of PMI data
The rand was weaker on Monday morning while focus shifts to the Absa manufacturing purchasing managers index (PMI).
The local currency has been the best-performing among emerging-market currencies tracked by Bloomberg over the past month, gaining almost 3% in November.
“The local unit continues to outperform its [emerging-market] counterparts, with resistance evident at R14.62. This week is teeming with data and global events that could reinforce the appreciatory momentum, provided all goes according to plan,” said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana.
At 9.55am, the rand had weakened 0.15% to R14.671/$ after ending November at R14.65/$ on Friday. It had weakened 0.1% to R16.1655/€ and 0.23% to R18.9543/£. The euro was flat at $1.1019.
The R2030 government bond was weaker, with the yield rising 3.5 basis points to 9.24%. Bond yields move inversely to bond prices.
Gold was down 0.34% to $1,458.58/oz and platinum 0.41% to $894.81. Brent crude was up 0.76% to $61.21 a barrel.
Locally, Absa PMI for November is expected to be released later on Monday morning.
Source: businesslive.co.za
