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Johannesburg - The rand traded in
narrow range on Friday ahead of non-farm payrolls data in the US. The local
currency had earlier lost ground against the dollar with the euro and
commodities coming off their highs, a trader noted.
At 11:40 the rand was bid at 7.3807 to the dollar from 7.4000 at its
previous close. It was bid at 11.1053 to the euro from its previous close of
11.1258 and was at 12.2590 against sterling from 12.2278.
The euro was bid at $1.5061 from $1.5052 overnight.
A local trader said: "The rand is in a tight range ahead of non-farm
payrolls data in the States later. The euro and commodities are off their high,
which has contributed to rand weakness against the dollar. The range, however
is still tight at 7.36 to 7.45, the trader said.
Dow Jones Newswires said that in the European foreign exchanges on Friday,
the euro was firmer, trading at $1.5068 at 11:15, up from $1.5053 in late
New York trade on Thursday, while the dollar was weaker at ¥88.13, down from
¥88.27.
Elsewhere, spot gold was at $1204.45 per troy ounce, down $8.00 from the
New York close.
Nervousness mounted ahead of the release of the US non-farm payrolls data.
Some disappointing reports from the US this week have made investors
increasingly wary the US figures, due at 15:30. The ADP employment report
showed a bigger-than-expected loss of jobs in the private sector in November,
while US ISM non-manufacturing data revealed an unexpected fall to 48.7 in
November, suggesting the sector contracted.
"The week's rather disappointing US survey data has increased edginess
ahead of today's payroll release and there are 'whisper numbers' of job losses
as high as 160 000, compared to the consensus 120 000," said Ian Williams,
strategist at Altium Securities.
Indeed, BNP Paribas has revised its estimate of payroll job losses in
November to 160 000 from a previous forecast of 130 000. As a result, it has
also revised its estimate for the unemployment rate to 10.4% in November, a
0.2% increase over the October rate.
Later in the session, US factory orders data at 17:00 could also
provide further direction.
- I-Net Bridge