The JSE opened flat on Friday as a surging dollar kept risk-off sentiment alive. The market is awaiting further US data later in the day, which might support a more hawkish stance from the US Federal Reserve. Resources led at the opening, but gold stocks retreated on the stronger greenback. Retailers and banks were in the red. Crucial nonfarm payroll data will be released in the US on Friday afternoon, and the market is expecting job growth of 193,000 in July, marginally down from the previous month’s 213,000. The market is also predicting that the US unemployment rate will edge down to 3.9% from 4%. A better number is expected to put further pressure on emerging-market currencies, with the rand trading at about R13.50 to the dollar at the JSE’s opening. The euro weakened below the crucial $1.16 level earlier, hitting $1.1577 before recovering somewhat. The rand, along with its emerging-market peers — especially the yuan and Turkish lira — have come under sustained pressure over the...
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.