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Rand flat ahead of US jobs data

Johannesburg - The rand weakened slightly early on Friday, pausing a rally that has seen the unit trade below the crucial R16/$ mark for three straight sessions as global risk appetite has improved.

Stocks were set to open flat at 09:00, with the JSE securities exchange's Top-40 futures index slipping 0.1%.

By 08:45 the rand was flat at R15.8995/$, easing off its firmest level in one month after statements from the United States Federal Reserve this week suggested interest rates there would remain lower for longer.

Government bonds were also firmer, with the benchmark paper due in 2026 shedding 2 basis points to 9.115%.

Traders said currency moves would be limited ahead of the US non-farm payrolls data due later in the session.

"Markets are still deciding on a consensus view for how many US rate hikes we will see this year, and a weak jobs report could put the impetus back in the hands of doves," said research house NKC African Economics in a note.

Recently weak US economic data, and dovish comments from New York Federal Reserve President William Dudley, have led investors to pare bets on a steady pace of Fed rate increases.

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Rand - Dollar
19.00
-0.3%
Rand - Pound
24.09
+0.1%
Rand - Euro
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