The South African rand lost more ground in early trade on Wednesday against a rising dollar, ahead of a whole-economy purchasing managers' index (PMI) survey about Africa's most industrialised economy.
At 0646 GMT, the rand traded at 19.4000 against the dollar , about 0.4% weaker than its previous close."The rand continues to feel the pressure from the strong dollar and general risk aversion driven by the rate hike fears," said Andre Cilliers, currency strategist at TreasuryONE, adding that markets are on the fence about whether the U.S. Federal Reserve will hike interest rates again this year.
"Bets that the will have to hike further are on the rise, and big hike in the petrol price is likely to raise inflation fears." South Africa's benchmark 2030 government bond was weaker in early deals, the yield up 5 basis points to 11.070%.British Prime Minister Rishi Sunak cancelled part of a high-speed rail project on Wednesday, ending weeks of uncertainty and provoking anger in his Conservative Party as he sought to reinvent his premiership as one of tough decisions and action.
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