The rand was weaker against the dollar on Monday morning as the US currency continues to firm after the release of jobs data that indicate the likelihood of further rate hikes. Standard Bank trader Warrick Butler said that despite a lower than expected headline number, the payroll data showed higher wage growth, participation rate and revisions than the previous month. Dow Jones Newswires reported that the dollar was broadly stronger after the nonfarm payroll data showed the strongest wage growth since 2009 and after some weakness last week, indicating there was little sign of a slowdown in the Trump-driven euphoria regarding the currency. At 9.05, the rand was at R13.7880 to the dollar from Friday’s close at R13.7273. It was at R14.5231 to the euro from R14.4553, and at R16.7994 to the pound from R16.8204. The euro was at $1.0533 from $1.0529. Nedbank Corporate and Investment Banking analysts said the rand remained sensitive to economic data releases. They said they favoured a firm...
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