Market News
South African rand gains, focus on upcoming Ramaphosa-Trump meeting and mining data - CNBC
BY Sfundo Parakozov
JOHANNESBURG, May 15 (Reuters) – South Africa’s rand edged up against a weaker dollar in early trade on Thursday, after President Cyril Ramaphosa’s office confirmed his meeting with U.S. President Donald Trump next week following days of speculation.
At 0622 GMT, the rand traded at 18.22 against the dollar, about 0.3% firmer than Wednesday’s closing level.
The presidency said that Ramaphosa’s meeting with Trump on May 21 will provide a platform to reset the strategic relationship between the two countries, which have been at odds since Trump returned to the White House in January.
Investor attention will mainly be on March gold and mining production figures at 0930 GMT, where economists polled by Reuters expect a fifth consecutive contraction.
“Like manufacturing (data), mining continues to grapple with unfavourable domestic supply conditions and an increasingly subdued global economy,” said Nedbank economists in a research note, adding that the sector will likely weigh down economic growth in the first quarter of 2025.
South Africa’s benchmark 2030 government bond was little changed in early deals, with the yield up 0.5 basis points to 8.945%.
(Reporting by Sfundo Parakozov; Editing by Louise Heavens)
