South Africa's rand strengthened on Tuesday following improved local manufacturing output and a weak dollar spurred by expectations of an end to rate hikes in the U.S.
Data from Statistics South Africa showed the country'sThe rise in output was just the second time this year, following six consecutive months of decline.
Thanda Sithole, senior economist at local lender FNB, said that despite the data, the sector's outlook remains uncertain. "The manufacturing sector remains fragile and clouded," said Sithole, adding that power cuts, infrastructure failure and moderating demand could weigh down the industry. In addition, rand strength was driven by a fall in inflation expectations in the United States despite the Federal Reserve saying it could hike rates further.
The currency markets are "disregarding the hawkish bias favoured by Fed officials", said Warren Venketas, an analyst at Daily FX, pushing the greenback down.
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