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South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration Acquire Licensing Rights
JOHANNESBURG, Oct 12 (Reuters) – The South African rand was little changed in early trade on Thursday before the release of local mining, manufacturing and business confidence data later in the day.
At 0636 GMT, the rand traded at 18.8325 against the dollar , the same level as its previous close, after making strong gains on Tuesday and Wednesday.
Statistics South Africa will release August mining production figures (ZAMNG=ECI) at 0930 GMT and manufacturing numbers (ZAMAN=ECI) at 1100 GMT.
The South African Chamber of Commerce and Industry will release its Business Confidence Index (ZABCI=ECI) for August and September at 0930 GMT.
Rand Merchant Bank said in a morning briefing that the rand had done “super well” this week on the back of dollar weakness but that its gains may have gone a little too far.
It pointed to a U.S. consumer inflation reading on Thursday as a big “event risk”.
South Africa’s benchmark 2030 government bond was slightly stronger, the yield down 3 basis points to 10.695%.
Reporting by Tannur Anders
Editing by Alexander Winning
Our Standards: The Thomson Reuters Trust Principles.
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