South African Rand Slides From 10-day High Against Greenback
July 08 2010 - 1:47PM
RTTF2
After hitting a 10-day high of 7.5314 by about 9:45 am ET, the
South African rand edged down against its US counterpart in New
York afternoon deals on Thursday. At present, the rand is trading
near 1.5836 versus the greenback, compared to 7.6138 hit late New
York Wednesday.
South Africa's manufacturing output growth slowed in May from
the previous month. A report by the Statistics South Africa showed
today, the manufacturing production increased 7.9% on an annual
basis in May, slower than a 8.6% growth in the previous month.
Production increased for the sixth successive month. Economists'
had expected an increase of 8.3%. A year earlier, output decreased
17.3%.
On a seasonally adjusted basis, the physical volume of
manufacturing production index rose 0.3% month-on-month in May,
larger than a 0.1% growth expected by economists'. In the March to
May period, manufacturing output increased 1% compared to the
previous three months.
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