Rand Gains on China’s PMI & US Consumer Confidence

The South African rand gained today as the reports showed that the Chinese manufacturing expanded more than expected and the US consumer confidence improved, increasing the appeal of the higher-yielding currencies.

The China Federation of Logistics and Purchasing Managers’ Index advanced from 54.7 to 55.2 in November, while a small increase to 54.8 was expected. The Conference Board Consumer Confidence Index increased in November to 54.1, following the increase to 49.9 in October. The median forecast promised a value of 52.7.

USD/ZAR dropped from 7.101 to 7.031 as of 10:51 GMT today.

If you have any questions, comments or opinions regarding the South African Rand,
feel free to post them using the commentary form below.