Rand firms in the run-up to the announcement of S&P’s credit rating for SA
The rand firms but market-moving developments may lead to volatility on Monday
The rand firmed on Friday afternoon as the market awaited SA’s credit rating from S&P. The currency was unaffected by US jobs figures. Nonfarm payrolls rose by a seasonally adjusted 178,000 in November from October’s and were just 2,000 short of the expected 180,000. The unemployment rate eased to 4.6% last month from October’s 4.9%. Analysts said the US jobs figures were largely as expected and already priced into markets, pointing the way for a increase in US interest rates next week. The market was now focused on the S&P ratings announcement, Austria’s presidential election on Sunday and the Italian referendum on constitutional reform. "The rand has actually held up quite well ahead of what is expected to be an important weekend," said Iquad Treasury trader Tony van Dyk. With market-moving events happening after Friday’s close, there could be volatile trade on Monday. The first reaction is expected from Asian markets on Sunday night. "With liquidity low, we are likely to see some...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.