georgemiller
Publish Date: Tue, 12 Nov 2024, 08:20 AM

JOHANNESBURG, Nov 12 (Reuters) - South Africa's rand extended its losses in early trade on Tuesday to hit a two-and-a-half month low, ahead of third quarter unemployment figures and September manufacturing data.
At 0805 GMT, the rand traded at 18.0375 against the dollar , about 0.6% softer than its previous close, and its weakest level since mid-August.
The currency has traded turbulently since Donald Trump's U.S. election win last week.
The dollar firmed against a basket of currencies.
Local investors will look to third quarter unemployment numbers (ZAUNR=ECI) , opens new tab at 0930 GMT and September manufacturing output data (ZAMAN=ECI) , opens new tab at 1100 GMT, which could give clues on the health of Africa's most industrialised economy.
"The labour market remains a significant drag on growth," said Andre Cilliers, currency strategist at TreasuryONE.
"While reforms under the government of national unity (GNU) may offer a glimmer of hope, businesses are likely to remain cautious on hiring until clearer signs of sustained economic momentum emerge," Cilliers added.
On the Johannesburg stock market, the Top-40 (.JTOPI) , opens new tab index was down about 0.8%.
South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 5.7 basis points to 9.282%.
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https://www.reuters.com/markets/currencies/south-african-rand-extends-losses-before-unemployment-manufacturing-data-2024-11-12/