Rand pares losses as US jobs report disappoints
The US added 155,000 jobs in November, undershooting market expectations of 200,000
The rand recovered most of its losses on Friday afternoon, after the closely watched US nonfarm payrolls report underwhelmed, hurting the dollar. The world's largest economy added 155,000 jobs in November, undershooting market expectations of 200,000. October's figures were revised down to 237,000 from 250,000 previously. The US jobs report came amid speculation that the US Federal Reserve could be near the end of its interest-rate hiking cycle. The growing uncertainty about the direction of US rates is reflected in the recent collapse in US treasury yields. The yield on the benchmark US 10-year note has slumped from recent highs of 3.23% to 2.89%, according to Iress data. The US Fed has been one of a handful of major central banks among developed markets that have raised rates, though its pace has been gradual. At 3.55pm, the rand was flat at R14.0429/$. It had lost 0.15% to R16.0036/€ while adding 0.11% to R17.9340/£. The euro was 0.16% firmer at $1.1396. Local bonds were relative...
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