South African rand steady ahead of manufacturing PMI and vehicle sales data
By Aboki Forex —
The South African rand was little changed in early trade on Monday, Nov 2, ahead of local manufacturing and vehicle sales data for October. At 0626 GMT, the rand traded at 16.6965 against the dollar, almost unchanged from its previous close.
Manufacturing PMI in focus
An Absa purchasing managers' index survey is due at 0900 GMT and will show manufacturing conditions in Africa's largest economy. South African manufacturing sentiment improved in September after three months of contraction, helped by a rebound in new orders.
Car sales and bond market
Vehicle sales data is expected around 1200 GMT and will give a snapshot of consumer demand for big-ticket items. Nedbank economists said in a research note they expect car sales growth to have moderated to 11.2% from 12.7% in September, reflecting the rise in fuel prices and interest rates.
South Africa's benchmark 2035 government bond was flat in early deals, with the yield at 8.59%.
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