JOHANNESBURG (Reuters) – The rand was slightly firmer against the dollar early on Monday, with scope to lose some ground after weak manufacturing data from China, a key importer of South African commodities, added to a gloomy outlook for the global economy.
At 0640 the rand was at 11.6175 to the dollar, up 0.2 percent from Friday’s close at 11.6410.
The yield on the 2026 benchmark was flat at 7.135 percent.
While concerns over the global economy had hit markets, the impact on the rand was limited, RMB currency analyst John Cairns noted, adding however that the bias was for the currency to weaken.
“Expect volatile, choppy trade to continue, with focus on today’s global PMI figures and Friday’s US non-farm payrolls report,” he added.
The Chinese figures came on the heels of the fourth-quarter U.S. gross domestic product report on Friday that showed growth slowed sharply as weak business spending and a wider trade deficit offset a surge in consumer spending.
