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Rand eyes US data for direction

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.

Graphic: Renjith Krishnan.

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. - I-Net Bridge

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