The rand was firmer on Friday afternoon as the dollar weakened following the release of worse-than-expected US jobs data. Total nonfarm payrolls increased by 157,000 in July, below the expected 190,000, and their lowest gain since March. The US unemployment rate fell to 3.9% from 4%, while average hourly earnings — an important barometer for inflationary pressures in the US — increased 2.7%, unchanged from the previous month. The numbers makes it unlikely that the US Federal Reserve will adopt a more hawkish stance for the rest of 2018. The market has already priced in two further rate hikes, in September and December, while rates were unchanged following its latest meeting, on Wednesday. "Inflation is very close to the desired target and the Fed should be quite close to the neutral rate near year-end, which argues for a slower pace of hikes next year," BlackRock analysts said in a note. The neutral rate is the point where interest rates neither stimulate nor restrain economic growt...
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