US Dollar Eases From 1-week High Versus South African Rand

After hitting a 1-week high of 7.3219 at about 10:45 am ET, the US dollar reversed its direction against the South African rand in New York afternoon deals on Wednesday. The pair that closed Tuesday's New York session at 7.2124, is now trading near 7.2879.

South Africa's manufacturing output increased at faster pace in June.

Manufacturing production increased 8.8% on an annual basis in June, faster than a 8.1% growth in the previous month, a report by the Statistics South Africa showed on Wednesday. Production increased for the seventh successive month. Economists' had expected an increase of 6.7%. A year earlier, output decreased 17%.

On a seasonally adjusted basis, the physical volume of manufacturing production index rose 0.7% month-on-month in June, compared to a 0.6% fall expected by economists'. In the April to June period, manufacturing output increased 0.8% compared to the previous three months.