Strong economic data from the Chinese service industry and better-than-forecast U.S. manufacturing estimates boosted the value of the monetary unit of the largest economy on the African continent. A U.S. factory estimate increased to 53.4 in March after having registered at 52.4 during the month prior. China saw a non-manufacturing purchasing managers' index grow to 58 in March.
"Nothing much has happened today – I haven't seen big-ticket trading going through but the rand could have been a major contributor (to bond gains)," trader Alvin Chawasema with Renaissance Capital told Reuters. "The highlight for me today has been the moves on the curve. Surprisingly the back end is slightly better bid despite more paper to be issued on the longer end at tomorrow's auction."