Rand flat as market awaits US jobs data | Fin24
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Rand flat as market awaits US jobs data

Oct 06 2016 09:45
and Fin24

Johannesburg - The rand was largely unchanged against the dollar in early trade on Thursday, as investors awaited US job numbers which could impact appetite for emerging markets by giving pointers on the timing of the next US interest rate hike.

The rand was 0.7% higher R13.74/$ by 09:40 after closing Wednesday's session in New York at R13.72/$.

Government debt was also mostly flat, with yield for 10-year paper dipping half a basis point to 8.645%.

The blue chip futures index has edged up 0.31%, pointing to a slightly firmer start for the Johannesburg stock market.

"Rand volatility has died away," RMB analyst John Cairns on Thursday. "The Johannesburg session has not seen much more than a 10 cents range on USD/ZAR on any given day this week.

"With largely non-existent event risk, expect the same dull trade today. Tomorrow, of course, will be more interesting but that only adds to today’s malaise as global markets have already gone into their typical pre-payrolls slumber."

rand  |  markets  |  currencies


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