JOHANNESBURG (Reuters) – South Africa‘s rand firmed slightly against the dollar on Friday as positive U.S. jobs numbers boosted the currencies of several emerging market countries on the hopes they would benefit from a more buoyant American economy.
The rand was 0.29 percent firmer at 8.6577 against the dollar at 1619 GMT from New York’s Thursday close of 8.6850.
“The good jobs numbers fundamentally boosted the global mood, which immediately impacted U.S. equities for the better, and this benefitted the rand and other emerging currencies,” said Anisha Arora, emerging market analyst for London-based 4Cast.
The yield on the three year bond slid one basis point to 5.47 percent while the longer dated 14-year paper fell seven basis points to 7.435 percent.
The rand was expected to come under pressure ahead of a major meeting of the African National Congress from mid-December with investors worried debt could increase if the ruling party pushes for populist policies that drive up spending.
Data scheduled for release next week include retail sales and manufacturing production data for October. There will also be data on November consumer inflation and producer inflation.
Economy News Headlines – Yahoo! News
S.Africa’s rand firms with emerging market currencies
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S.Africa’s rand firms with emerging market currencies
