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Rand strengthens as investors digest US jobs data

The rand was firmer on Monday morning as investors digested US jobs data for September.

South African money

The data‚ which was released on Friday‚ showed that the world’s largest economy added 142‚000 jobs last month‚ well below the expected 201‚000. The data was characterised by major revisions‚ as employment gains in July and August combined were 59‚000 less than previously reported. The unemployment rate remained unchanged at 5.1%.

Initially‚ the rand weakened to as much as R14/$ but by Monday morning the local currency had found some support.

At 8.20am‚ the rand was at R13.6669 against the dollar from a previous close of R13.7446.

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The local currency was at R15.3603 against the euro from R15.4254 and at R20.7895 against the pound from a previous close of R20.8849.

The euro was at $1.1240 from $1.1220.

“Looking ahead‚ given that Asian markets opened stronger today‚ coupled with our slightly above consensus forecast for the South Africa Whole Economy purchasing managers index data which is due for release this morning‚ we would expect the rand to maintain a firming bias today‚” said Barclays Research in an early morning note. – BDlive

Source: RDM News Wire.

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