Rand Consolidates Intraday Gains, Weak Manufacturing Production Data Ignored
USD/ZAR has found a base at 18.8732 and halted its sell-off, with the BBDXY Index trimming earlier losses as the European session progressed. Weak South African industrial output data has had little impact on the rand. The pair last deals at 18.9230, down ~2,070 pips on the session.
- South Africa's seasonally adjusted manufacturing production fell 1.6% M/M in July versus +0.5% expected. Non-seasonally adjusted production rose 2.3% Y/Y, falling short of the +4.8% median estimate.
- Meanwhile, Bloomberg precious metals subindex has trimmed its earlier advance and last sits just ~0.5% above neutral levels.