Economy

Rand weaker ahead of US jobs data

Date: May 3, 2024

The South African (SA) Rand was weaker early this Friday ahead of United States (US) jobs data that could hint at the Federal Reserve's future interest rate path.

At 9H21 CAT, the Rand traded at 18.6000 to the Dollar, about 0.2% weaker than its previous close.

The Dollar was flat against a basket of global currencies. "Markets (are) treading water ahead of today's US employment and PMI data," said Andre Cilliers, Currency Strategist at TreasuryONE.

The Rand often takes cues from global drivers such as US economic data in the absence of major local data points.

"We could see the local currency test the 18.50 mark again today. However, we could see some initial consolidation ahead of today's US data," he added.

On the stock market, the Top-40, opens new tab index was up 0.76% while the broader all-share, opens new tab index was up 0.69% in early trade.

SA's benchmark 2030 government bond was weaker in early deals, with the yield up 4 basis points to 10.675%.

--Reuters--

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