Economy

Rand steady ahead of local PMI data

Date: Jul 3, 2025

The South African (SA) Rand was steady in early trade on Thursday, ahead of the release of a local Purchasing Managers' Index (PMI) as well as a United States (US) payroll report.

Investors will pore over to try and predict the US Federal Reserve's next steps. The Rand traded at 17.57 against the US Dollar, not far from Wednesday's close.

Domestic focussed investors will look to the Standard and Poor's Global June whole-economy PMI, for a window on business conditions in Africa's biggest economy. 

On Tuesday, a gauge of local manufacturing sentiment showed improvement in June, reaching its second-highest level this year, though output was still weak. 

The Dollar last traded flat against a basket of currencies as markets awaited jobs data due later in the day as well as updates on trade negotiations ahead of July 9 when US tariffs are set to take effect. 

The non-farm payrolls report is set for an addition of 110 000 jobs in June versus 139 000 in May, a Reuters poll showed.

SA's benchmark 2035 government bond was slightly weaker in early deals, with the yield rising 1.5 basis point to 9.85%.

--Reuters--

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