Economy

Rand weakens, eyes on US jobs data

Date: Oct 6, 2017

South Africa's Rand was on the back foot in early trade on Friday as the Dollar stood firm ahead of US job data due later in the day.

At 0638 GMT, the Rand traded at 13.70 per Dollar, 0.2% weaker than its New York close on Thursday. "The Dollar is gaining again, risking further upside pressures on US Dollar per Rand as well as the Crosses; but, ultimately, today's moves will come down mostly to this afternoon's US non-farm payrolls data," Rand Merchant Bank currency analyst John Cairns writes in a note.

The Rand, along with other emerging market currencies have come under pressure in recent weeks as solid US economic data, the prospect of US tax cuts and growing expectations for the Federal Reserve to raise interest rates in December have given a lift to the Dollar.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.28%.  

In fixed income, the yield for the benchmark government bond was up 2.5 basis points to 8.675%.

--Reuters--                                                                                                                                                                      

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