JOHANNESBURG - The South African currency remained on the front foot as ratings reprieve optimism outweighed weak China factory data according to NKC Research.
Global risk appetite was curbed by a poor showing of China’s factory-gate prices for August, although the rand bucked the trend to trade firmer ahead of the local manufacturing data release, which was broadly in line with the consensus estimate. Markets are turning attention to monetary stimulus from the ECB (tomorrow) and the US (next week). At the close of local trade, the rand quoted 0.6 percent stronger at R14.67/$, after trading in range of R14.67/$ - R14.77/$. The rand traded firmer overnight. Expected range today R14.55/$ - R14.75/$.
South African bourse