The rand firmed on Wednesday, with market sentiment getting a bit of a lift from Covid-19 vaccine news and positive economic data.

The Absa purchasing managers’ index (PMI) reached its highest level since August 2013, showing that conditions in the manufacturing sector reached a multiyear high in June, as the economy moved to level 3 lockdown, allowing more businesses to reopen. However, the bank cautioned that this does not mean actual production has bounced back.

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