RTRS: Rand hits two-week high vs dollar after good U.S. data
* ECB euro comments bolster emerging markets
* Rand pierces 8.15 resistance, 8.06 big barrier
JOHANNESBURG Aug 3 (Reuters) - South Africa's rand climbed to a two-week high against the dollar on Friday after positive data out of the United States boosted investors appetite for risk, briefly driving the rand through 8.15 resistance.
Dealers said the sharp climb was building on positive sentiment towards emerging markets after the European Central Bank made reassuring comments to support the euro at a policy meeting on Thursday, which has since propped riskier emerging market assets.
The rand rose 2.3 percent to become among the top three best performing emerging market currencies trading against the dollar and tracked by Reuters.
At 1525 GMT, the local unit was at 8.1523/dolar, pulling back slightly from the session's best of 8.1470, a level last seen on July 19.
"The euro is trading confidently on the back of some of the clarity that was made by Draghi. I guess people are taking his statement 'don't short the euro' to heart," said Garth Klintworth, head of fixed income, commodities and currencies at Absa.
Europe absorbs a quarter of South Africa's exports, making the rand vulnerable to moves on the euro currency.
The rand closed at 8.34 in New York on Thursday and dealers, who had been watching for a break of 8.15 resistance, said the unit was now more likely to test the big 8.06 barrier next week.
Earlier the rand hit a session high after better-than-expected U.S. payrolls data and as the euro gained after the services sector in the world's biggest economy showed quicker growth.
"It is aiding the whole process. It was a good number, its good for risk," Absa's Klintworth said of the jobs data.
The 8.06 high from early June should provide a big resistance barrier although the rand will need to break through 8.11 before it tries for 8.06.
Yields on government bonds dropped 10 basis points each to week lows on the benchmarks as prices surged with emerging market assets.
The 2015 yield was at 5.44 percent while the 2026 yield dropped to 7.272 percent, levels from last week Friday.
Government resuscitated its bond switching programme this week after a month of staying away while trying to gauge if demand had returned after a poor up-take at the previous sale on June 28.
Dealers took up just over 1 billion rand out of an indicated 2.65 billion on offer on Thursday.
Analysts said the auction was reasonably successful and having tested market appetite, the Treasury may return to the weekly indicated schedule of the sales from next week. (Reporting by Xola Potelwa; Editing by Toby Chopra)
