Rand weaker as focus shifts to monetary policy

Global data was mixed. Earlier, the German purchasing managers index (PMI) for manufacturing printed below expectations, although services beat forecasts. Economic growth was consolidating in the eurozone, but trade-war related risks remained, Barclays Research analysts.

Global market focus is now expected to shift to a meeting of global central bankers in Jackson Hole, Wyoming. The meeting gets under way on Thursday, but focus will be on a speech by Fed chair Jerome Powell on Friday.

At 3pm, the rand was at R14.2235 to the dollar, from R14.1658, R16.4631 to the euro from R16.4274, and at R18.5742 to the pound from R18.2886.

The euro was at $1.1574 from $1.1597.

At the same time the benchmark R186 government bond was bid at 8.94% from 8.935% while the R207 was unchanged at 7.6%.