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Johannesburg - The rand gave up about eight cents
on Friday afternoon following a stronger dollar amid better-than-expected
non-farm payrolls data in the US.
A local trader noted however, that initial trade movement following non-
farms data tended to be erratic.
At 16:01 the rand was bid at 7.3866 to the dollar from 7.4000 at its
previous close. It was bid at 11.0260 to the euro from its previous close of
11.1772 and was at 12.2287 against sterling from 12.2278.
The euro was bid at $1.4921 from $1.5052 overnight.
A local trader said: "A big driver for rand weakness was better than
expected non-farm payrolls data in the US. Dollar strength has seen the rand
weaken, but the numbers are generally erratic immediately after non-farms
come out.
The trader noted a range of 7.35-45 against the greenback.
Dow Jones Newswires said that the dollar gained sharply versus the euro
early on Friday as a better-than-expected US employment data ignited a rally
for the greenback on expectations the Federal Reserve will be able to raise
US interest rates sooner than once thought.
The dollar traded in extremely choppy waters early on Friday, initially
falling against the euro, but then reversing its losses and gaining
strongly, as key US jobs numbers improved at a much more rapid pace than
expected.
Economists had expected a November job loss of 125 000, but the data
came in much better, with the US labour market having lost only 11 000 jobs.
The labour market - which had been lagging other areas of the recovery -
is seen as a key to a global economic turnaround.
- I-Net Bridge