AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,979 Increased By 95.2 (0.96%)
BR30 31,121 Increased By 520.9 (1.7%)
KSE100 94,069 Increased By 713.7 (0.76%)
KSE30 29,153 Increased By 221.8 (0.77%)

The South African rand was little changed in early trade on Friday, as traders held off from big bets before closely-watched U.S. job data later in the day.

At 0700 GMT, the rand traded at 18.6200 against the dollar , not far from its previous close of 18.6100.

The U.S. non-farm payrolls report comes on the heels of the Federal Reserve’s latest policy meeting where Chair Jerome Powell pushed back against market expectations of rate cuts in March.

“It has been a strong week for the rand … (as) the trade-weighted dollar gave up some ground, U.S. bond yields nudged lower and risk rallies emerged,” ETM Analytics said in a research note.

South African rand steady ahead of PPI and rate decisionc

“One eye now turns to the latest U.S. non-farm payroll data scheduled for release this afternoon, which will likely have the last say on how the dollar ends the week.”

When there are no major local economic data releases like on Friday, the rand often takes its cue from offshore drivers and dollar moves.

Thursday’s data releases included a weak PMI survey for the South African manufacturing sector and a continued contraction in new vehicle sales, pointing to a sluggish start to 2024 for Africa’s most industrialised economy.

Comments

Comments are closed.