The South African rand weakened to around 17.6 per USD, down from recent over one-month highs, pressured by a stronger dollar and falling prices of gold. At the same time, investors continued to digest mixed economic data, with stronger-than-expected manufacturing and mining output in June contrasting a rise in unemployment in Q2. Meanwhile, market attention remains on South Africa’s push to secure a better trade deal with the US, as current tariffs of 30% apply to many exports. While the tariff is expected to shave about 0.3% from GDP, many economists note that this is minor compared to the more pressing issues such as power outages and logistics failures undermining the anemic economy. The automotive and agricultural sectors are expected to bear the brunt of the short-term fallout.