JOHANNESBURG - The rand weakened against the US dollar during European trade on Monday, according to NKC Research's Daily Economic Report.
The South African currency came under pressure from very disappointing domestic and Chinese manufacturing activity data for August. The South African manufacturing PMI fell to its lowest level in 13-months, while the Chinese manufacturing PMI fell to its lowest level in 14-months. At close of local trade, the rand was bid 1 percent weaker at R14.86 a dollar, after trading in range of R14.66 to R14.94/$.
The corrency was little changed overnight.
As contagion fear spreads in emerging markets, hitting the Turkish lira and the Argentinian peso the hardest in overnight trade, the narrative remains unchanged.
Monday also saw local manufacturing PMI and new vehicles sales come in softer than expected with GDP figures due for release today not leaving South Africa with a sense of excitement.
South African bourse
The JSE All Share ended marginally higher yesterday led by gains in large mining and general retail shares. In the overall emerging market sphere, the MSCI Emerging Market Index traded lower. In local news, Bidvest released audited provisional financial results for the year ended 30 June 2018. The company share prices ended lower, despite reporting a 12.5 percent rise in annual profits, and a 11.1 percent increase in headline earnings per share during the period under review.
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