JOHANNESBURG. — The rand kicked off September on steady footing against the dollar, but was slightly weaker against other major currencies. “The rand and other risk currencies are making slow gains but the ongoing concern over China and the Federal Reserve, and the renewed losses in the equity markets suggests the pressure will switch to weakness,” Rand Merchant Bank analysts said.

At 8.33am the rand was at 13,2740 to the dollar for a previous close of 13,2774. Against the euro the rand was at 14,9728 from a previous close of 14,8864. Against the pound‚ the rand was at 20,4335 from 20,3713. The euro was at $1,1280 from $1,1212 previously. Barclays Research said in an early morning note that Chinese purchasing managers index (PMI) data would be supportive of the rand, but the local unit would be vulnerable to US data later in the day.

China’s official PMI slipped to 49,7 in August — the weakest level since August 2012 — down from 50 in July and in line with expectations. This is the first time the official PMI has fallen below 50 in six months. — BDLive.

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