The South African rand edged higher in early trade on Monday ahead of a local purchasing managers' index (PMI) survey and new vehicles sales figures.
At 0647 GMT, the rand traded at 18.8900 against the dollar , nearly 0.3% stronger than its previous close.However, despite rand's recent gains, analysts warned the currency was set to take its cues from global economic drivers such as U.S. labour data in the week ahead.
" traded very well at the end of last week... But the pressure is back on this morning," wrote Rand Merchant Bank analysts in a research note. The rand made gains on Friday after U.S. Treasury yields lost some steam and risk appetite re-entered the market. Local investors will be eyeing the Absa PMI survey on domestic manufacturing sector activity due around 0900 GMT and September new vehicle sales data
South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 0.5 basis points to 10.815%.The euro zone's benchmark German bond yield rose on Monday towards last week's 12-year high as the selloff in debt markets continued after a brief pause on Friday.Gold extended its decline for the sixth straight session on Monday to hit a near seven-month trough, as a robust dollar and prospects of higher U.S. interest rates took the shine off bullion.
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