Rand weakens as markets shift focus to global growth
Slightly better local economic data failed to move the rand as global economic growth worries followed negative PMI data from major economies
The rand was weaker against the dollar on Wednesday afternoon as global growth prospects continued to hog the spotlight.
Slightly improved local economic data failed to move the rand as global economic growth worries follow a decline in purchasing managers’ index (PMI) data from major economies. In SA, however, Standard Bank’s PMI for June rose to 49.7 points from 49.3 in May and the SA Chamber of Commerce and Industry business confidence index edged slightly higher in June to 93.3 points from 93 in May...