The rand was steady on Friday morning ahead of the release of the US jobs report later in the session, after a week in which the rand bounced back and forth on shifts in global market sentiment.

At 06:15 GMT rand traded at 16.62 rand to the dollar, down a modest 0.1% from its previous close and compared to last week’s close of 16.60 rand.

Several major domestic economic data were released this week, with local investors focused on global factors including the outlook for US monetary policy and the risk of a global recession.

Among the data, central bank data on Friday showed South Africa’s reserves fell to $53.737 billion in July from $53.813 billion in June.

Purchasing managers’ index surveys for the manufacturing sector and the economy as a whole showed a mixed picture in July.

Friday’s nonfarm payrolls numbers will give investors more clues about how things are going in the world’s largest economy.

Analysts expected a 250,000 job gain in July after 372,000 added in June.

South Africa’s benchmark government bond due 2030 was stronger in early trade, with the yield down 7.5 basis points to 10.145%.

Source by [author_name]

Previous articleLocal celebrities share their inspirational messages to the women of Mzansi
Next articleDemocratic Republic of Congo: United Nations regrets government’s move to expel mission spokesman