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Manufacturing Production Makes for Soft June Data Across the Board

SOUTH AFRICA

Manufacturing production data came in well below forecast:

  • Manufacturing Production (Jun) M/M -1.5% vs. Exp. -0.6% (Prev. -0.2%, Rev. +0.2%)
  • (Jun) Y/Y -3.5% vs. Exp. -3.0% (Prev. -2.3%, Rev. -1.8%)
The lower-than-expected manufacturing release extends the spell of weaker data Thursday, after mining production also came in softer than forecast this morning.

Nonetheless, USD/ZAR following the greenback lower so far, with the day's lows of 16.1195 providing initial support ahead of 16.1165. A break through here opens the lowest level since late June for the pair.

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