The rand was weaker in cautious trade on Friday ahead of the release of US nonfarm payroll data later in the afternoon.The market expects the US economy to have created 180,000 jobs in January from 148,000 in December.A weaker number could affect the dollar negatively, as it would reduce the probability of the US Federal Reserve increasing interest rates four times this year.The Fed has hinted at three increases this year, but analysts believe there is room for four amid a growing economy and rising inflation in the US.The dollar weakened to above $1.25 to the euro on Thursday, while US bond yields spiked ahead of the Fed’s expected rate hiking cycle.At 9.03am the rand was at R11.9154 to the dollar from R11.8501, at R14.8977 to the euro from R14.8192 and at R16.9922 to the pound from R16.8998.The euro was at $1.2504 from $1.2505."There has been very little by way of activity with trade in the rand this week," Nedbank Corporate and Investment Banking analysts said.Although the rand h...
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.