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The South African rand gained more than 1% to 19.28 per dollar on June 5 despite a PMI survey showing business activity near a two-year low. The gain was boosted by Chinese PMI data showing manufacturing and services activity picking up.
The rand had fallen sharply in May on rolling blackouts and US arms allegations.
Stronger Chinese activity supports South African export demand and lowers the local cost of dollar-priced feed imports. The rand move is a routine reaction to external data.
cnbcafrica.comReutersJun 5, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
