South African bonds were firmer in afternoon trade on Tuesday as the rand recovered against the dollar. The dollar has been under pressure since Friday, following mixed non-farm payrolls data in the US, which showed a rise in wage growth, but the first contraction in the number of jobs created in seven years. The dollar is expected to remain subdued until the release of the US Federal Reserve’s September meeting minutes, due on Wednesday. The rand was supported by a recovery in emerging-market currencies, notably the Turkish lira. But with the probability of an interest-rate increase in the US later this year now at more than 90%, funds are likely to start shifting from emerging markets to developed countries. "The dollar’s losses are commodities’ gains today, with gold, silver and oil, among many others, enjoying some relief as the greenback pares recent gains," said Oanda trader Craig Erlam. The rand usually gains on positive commodity prices. Speculation that Catalan leader Carle...
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