Rand begins busy week in strong position
The rand exhibited a relatively stronger tone on Monday morning, after a mixed US nonfarm payrolls report on Friday supported high-yielding emerging-market currencies.
The world’s largest economy created 228,000 jobs in November, more than had been expected, but wage growth, which is where the market focus was, disappointed.
Markets will have a lot to digest in terms of economic data and events as the week progresses.
Locally, October inflation figures and current account figures will feature prominently, before the all-important ANC elective conference begins at the weekend.
Deputy President Cyril Ramaphosa and ANC MP Nkosazana Dlamini-Zuma will square up in the race to become the party’s new leader.
Globally, the US Federal Reserve is widely expected to increase rates by at least 25 basis points when it concludes it two-day meeting on Wednesday. The markets will monitor the Fed’s language for future policy moves.
At 9.41am, the rand was at R13.6497 to the dollar from R13.6874‚ at R16.0904 to the euro from R16.1031, and at R18.2849 to the pound from R18.3457.
The euro was at $1.1787 from $1.1765.