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Johannesburg – The rand weakened before noon on Friday as
traders eye US employment data for direction.
“The rand is still range bound at the moment; what could
drive the rand are the latest US unemployment and payroll data out at 2:30pm.
We are expecting employment levels in the US to remain the same‚” said Ockert
van Niekerk‚ head of trading at PSG.
At 11:33am‚ the rand was bid at R8.6640 to the US dollar
from Thursday’s close of R8.6349. It was bid at R11.1567 to the euro from its
previous close of R11.1756 and at R13.9514 against sterling from R13.9234
before.
The euro was bid at $1.2877 from Thursday’s close of
$1.2947.
“The strikes have taken a back seat at the moment‚ traders are also keeping an eye on the ANC’s national conference in December to influence possible direction in the local currency‚” Van Niekerk said.
