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Rand stable before US jobs numbers

In early trade the rand was at R16.62 against the dollar, down a modest 0.1% on its previous close and compared to last week’s close of R16.60.
Image: Waldo Swiegers / Bloomberg

The rand was stable early on Friday before the release of a US jobs report later in the session, after a week in which the rand swung back and forth on shifts in global market sentiment.

At 0615 GMT, the rand traded at R16.62 against the dollar, down a modest 0.1% on its previous close and compared to last week’s close of R16.60.

There have been few major domestic economic data releases this week, with local investor attention instead pinned on global drivers including the outlook for US monetary policy and the risk of a global recession.

Among the data points, central bank figures on Friday showed South Africa’s reserves dipped to $53.737 billion in July from $53.813 billion in June.

Purchasing managers’ index surveys for the manufacturing sector and whole economy painted a mixed picture in July.

US non-farm payrolls numbers due later on Friday will give investors more clues about how the world’s largest economy is faring.

Analysts expect an increase of 250 000 jobs for the month of July, after 372 000 were added in June.

The South African government’s benchmark 2030 bond was stronger in early deals, with the yield falling 7.5 basis points to 10.145%.

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