South African rand lifted by global risk appetite despite poor PMI survey
The South African rand strengthened on Friday, helped by optimism about an easing of U.S.-China trade tensions and better-than-expected U.S. jobs data that boosted global risk appetite.
The gains came despite another weak local purchasing managers' index (PMI) survey that pointed to depressed manufacturing conditions in Africa's biggest economy.
The rand has been highly volatile in the past month, moving mainly on shifts in offshore investor sentiment linked to U.S. President Donald Trump's tariffs and local political wrangling over the budget.
In Friday's manufacturing sector PMI, respondents cited global trade tensions and domestic political uncertainty as the headline reading remained in contractionary territory for the sixth straight month.
Cover photo: A South African Rand is seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo Purchase Licensing Rights
