Johannesburg: The south african rand The market was steady in early trade on Monday ahead of the release of local manufacturing purchasing managers index (PMI) and vehicle sales data for April.
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At 0639 GMT the rand traded at 16.6075 against the dollar, broadly unchanged from its previous close.
The Absa PMI survey is due to be released at 0900 GMT and will shed light on manufacturing conditions in Africa's most industrialized economy.
South African manufacturing sentiment remained weak in March, with respondents expressing concerns about the impact of the Iran war, although business activity has yet to be seriously impacted.
Investors will then turn their attention to vehicle sales (ZAVEHY=ECI), open new tab data due around 1200 GMT, which will give a snapshot of consumer demand for big-ticket items.
Nedbank economists said in a research note they expect car sales to decline 16% in April, largely reflecting softer demand amid more public holidays and uncertainty over the war in Iran.
“Higher fuel prices and interest rate changes are likely to weigh on consumer confidence and in turn vehicle demand. Nevertheless, the decline comes from a high base,” the note said.
South Africa's benchmark 2035 government bond was stronger in early deals, as the yield fell 3.5 basis points to 8.76%.