South Africa`s rand slips on firmer dollar; economic data eyed

Published: 2021-05-03 tag: africa

South Africa`s rand got off to a weak start against a firmer U.S. dollar on Monday, with investors awaiting a raft of local and global data this week.

South African Rand coins are seen in this illustration picture taken November 5, 2020. REUTERS/Mike Hutchings/Illustration

JOHANNESBURG, May 3 (Reuters) - The South African rand gained on Monday, helped by the U.S. dollar falling as Treasury yields retreated and economic data disappointed.

At 1610 GMT, the rand traded at 14.4000 against the dollar, 0.6% stronger than its close on Friday.

The dollar

A survey also showed South Africa's manufacturing activity grew less quickly in April, but it did little to affect the rand.

Investor attention will soon turn to a scheduled review of South Africa's sovereign credit by Moody's on Friday.

The rating agency already has the country's debt in "junk" status, and the question is whether it will cut that rating further still.

The Johannesburg Stock Exchange saw broad-based falls on Monday for companies including miners and banks while several big overseas markets were closed for public holidays.

The All-share index (.JALSH) closed down 0.52% at 66,586 points, and the blue-chip Top-40 index (.JTOPI) ended down 0.53% at 60,770 points.

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