Rand holds on to most of its gains despite bullish US jobs report
US private-sector employers added 250,000 jobs in November, with the rand paring some of its earlier gains as a result
The rand was firmer against major global currencies on Friday afternoon, but off its best levels, after a key US jobs report came in much stronger than expected. US employers added 250,000 jobs in October, well ahead of market expectations of 190,000. The 12-month rate of hourly wage gains climbed to 3.1% from 2.8%, hitting a nine-year high, reported Dow Jones Newswires. The US jobs report is usually the most closely watched economic report every month, and is scrutinised for clues about future US monetary policy. The rand had been given a boost earlier by risk-on global sentiment, amid market rumours that the US was preparing to clinch a new trade deal with China. Local news took a back seat, with President Cyril Ramaphosa's firing of SA Revenue Service (Sars) boss Tom Moyane possibly having a limited effect on the markets, said TreasuryOne currency dealer Andre Botha. But it could be the start of additional clarity. At 2.45pm the rand was 0.56% firmer against the dollar at R14.324...
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