USD/ZAR stands strong as South Africa releases manufacturing figures

January 11, 2024 03:43 AM PST | By Invezz

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USD/ZAR stands strong as South Africa releases manufacturing figures — Image source: Invezz

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Statistics South Africa posted the country’s manufacturing, production and sales figures for November 2023 this afternoon.

Year-on-year, the November figures showed a 1.9 percent increase in manufacturing production, in line with expectations.

Month-on-month, however, November’s manufacturing figures disappointed, increasing just 0.8 percent from October 2023 levels and beneath analysts’ expectations of a one percent increase.

The rand rose marginally against the dollar on January 11th in the lead up to the news and stayed steady at at rate of 18,66 approximately for the USD/ZAR, up somewhat from the 18.61 low of January10th.

In total, the rand has risen in January so far, with the USD/ZAR opening the year at ZAR18,26 to the dollar. It has, however, remained within a tight range since then, between a low of ZAR18,22 and a high of ZAR18,71.

See more: USD/ZAR figures to watch in 2024

However, the dollar is expected to have a bullish afternoon today, if the US announces better-than-expected inflation figures, after being believe to have managed a soft landing at the end of 2023. If this occurs, the ZAR could lose ground to the dollar.

Other news rand supporters may want to watch out for are the latest US PPI figures, the United Kingdom’s latest GDP figures and China’s inflation data, all coming out tomorrow.

The post USD/ZAR stands strong as South Africa releases manufacturing figures appeared first on Invezz

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