The rand was little changed against major global currencies on Monday morning, holding steady below R16/€, as markets digested the US nonfarm payrolls report from Friday.

The upbeat report has forced investors to temper their expectations of US Federal Reserve interest rate cuts, something that continued to put risk-assets under pressure on Monday morning.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now