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South Africa's Manufacturing Production Index Slumps
Developing
In Short: South Africa's Manufacturing Production Index declined to -4.3% in August, a significant drop from the previous month's 1.1%.
South Africa's Manufacturing Production Index declined to -4.3% in August, a significant drop from the previous month's 1.1%. This indicates a contraction in the manufacturing sector, which is a key component of the country's economy.
In the Forex market, the US Dollar has maintained a bullish trend, which has kept a lid on the precious metal's price, adding to the economic pressures faced by South Africa.
AUD/USD has been consolidating in the Asian session, trading just above 0.6950, as traders assess the situation in the Middle East. Meanwhile, USD/JPY has returned to the red below 158.00, amid speculation that Japanese authorities may intervene to support the Yen.
Despite Wednesday's hawkish FOMC Minutes, the US Dollar has eased from near an 18-month high, with traders taking profits and ignoring the risk of further escalations in the Middle East, contributing to a pullback in the market.
What's still developing
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- A combination of factors helps the US Dollar retain a bullish undertone, which keeps a lid on the precious metal's bounce from a two-month low, touched the previous day.
- Gold trims its intraday gains and trades near $4,125 during the early European session on Thursday, up around 0.35% for the day.
Sources
- FXStreetlink