The rand firmed slightly early on Tuesday, ahead of the release of the second-quarter unemployment data. Photo: Reuters
The rand firmed slightly early on Tuesday, ahead of the release of the second-quarter unemployment data. Photo: Reuters

Rand slightly firmer ahead of jobs data

By Reuters Time of article published Aug 24, 2021

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THE rand firmed slightly early on Tuesday, ahead of the release of the second-quarter unemployment data.

At 7.25am GMT, the rand traded at R15.12 to the dollar, about 0.1 percent stronger than its previous close and adding to the gains made on Monday.

Johannesburg-listed stocks opened higher, with the Top 40 Index up about 1.1 percent.

Statistics SA will release the jobs data for April to June at about 9.30am GMT. South Africa’s composite leading business cycle indicator fell by 2.3 percent in June, data from the SA Reserve Bank showed earlier.

Investors are watching both releases for clues on how quickly Africa’s most industrialised economy is recovering from the Covid-19 pandemic.

The rand was supported for a second day as gains in global stock markets lifted risk appetite more broadly, with the dollar bruised following its sharpest one-day fall since May.

Later in the week, investor attention will turn to the US Federal Reserve’s Jackson Hole symposium that could map out an end to US pandemic-era stimulus.

South African government bonds were a touch weaker early on Tuesday, with the yield on the 2030 instrument rising 0.5 basis point to 8.885 percent.

REUTERS

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