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Market commentary
Compiled by: Richard Favis
RBC Capital Markets
+27 11 784 5065
In the absence of market moving data the local market focused on US dollar and treasury movements this week. The rand remained relatively firm as the dollar made further gains against the euro. Gold reaching multi-year highs also played a role in the rand's movements.
Manufacturing data for September came out at 5.9%y/y, from an upwardly revised 4.0% in August. The better than expected number shows continued strength in this sector and has hawkish implications for interest rates in the near term.
The timing of the Reserve Bank's rate move is still a widely debated issue. Although most analysts agree...