South African rand slips before third-quarter GDP data

The South African rand was slightly weaker in early trade on Tuesday, before the release of third-quarter gross domestic product (GDP) data.

At 0825 GMT, the rand traded at 18.8350 against the dollar , about 0.1% weaker than its previous close.

The dollar last traded around 0.1% stronger against a basket of global currencies.

Statistics South Africa will publish the GDP numbers at 0930 GMT, with analysts polled by Reuters predicting a 0.2% year-on-year decline and a 0.1% contraction in quarter-on-quarter terms.

A PMI survey on Tuesday showed South African private sector business activity flatlined in November, with a cooling of price pressures counteracted by supply chain disruptions due to a port crisis.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.5% in early trade. South Africa's benchmark 2030 government bond was weaker, the yield up 2.5 basis points to 9.985%.

 

(Reporting by Tannur Anders Editing by Alexander Winning)