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South African Rand Awaits Key Economic Data Releases

by Oluwatosin Alabi

The South African rand showed little movement early Thursday, awaiting key local economic data releases later in the day.

By 6:36 a.m. GMT, the rand stood at 18.8325 against the dollar, maintaining its position from its last close. This stability followed strong gains earlier in the week.

Later today, Statistics South Africa will disclose August mining production figures at 9:30 a.m. GMT, followed by manufacturing data at 11 a.m. GMT. Additionally, the South African Chamber of Commerce and Industry plans to unveil its Business Confidence Index for August and September at 9:30 a.m. GMT.

The Rand Merchant Bank stated in its morning report that, despite the rand performing exceptionally well due to a weakened dollar this week, it might have overextended its gains. The bank also highlighted a U.S. consumer inflation announcement set for Thursday as a significant “event risk.”

In bond news, South Africa’s primary 2030 government bond displayed a slight uptick, with the yield dropping 3 basis points to 10.695%.

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