ZAR Soars Following PMI Announcement
• ZAR Strengthens As PMI Rises.
• Domestic Demand Spurs PMI Expansion.
The ZAR strengthened against the USD as South Africa’s HSBC Purchasing Managers’ Index (PMI) climbed to 51.6 percent in March 2015, up from 50 percent in February 2015 and ahead of leading economists’ expectations of 50.1 percent. The unexpected rise in business activity came from a majority of private sector companies reporting a rise in domestic demand. PMI expanded at its fastest rate in five months as private – sector employment also rose. Although there was weak export orders in March 2015, leading analysts’ expect new orders intakes and rising buying activity to spur growth in the coming months.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.