Greenback Trades Near 3-week High Versus South African Rand
July 01 2010 - 3:13PM
RTTF2
The dollar, which closed yesterday's New York session at 7.6713
against the South African rand, soared to a 3-week high of 7.7840
in early New York morning trading on Thursday. Thereafter, the
greenback-rand pair slightly reversed its direction and currently
trading at 7.7449.
South Africa's manufacturing sector contracted for the first
time since October last year after reaching a peak in February this
year, survey data released by Kagiso Group revealed Thursday.
The seasonally adjusted Kagiso purchasing managers' index, or
PMI, declined to 48.4 in June from 51.1 in May. The PMI has now
declined for the fourth consecutive month. A PMI reading above 50
suggests expansion, while below 50 indicates contraction.
According to the research group, the weakness in June was
widespread among the most important sub-components. Business
activity index shed 3.8 points to well below 50 at 45.2. Moreover,
reduced working hours related to the FIFA World Cup explain some of
the decline.
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