BD: Rand marginally softer after US jobs data release
THE rand was slightly softer late on Friday after the release of US nonfarm employment data that came in much better than expected, boosting the dollar.
US employers added a seasonally adjusted 242,000 jobs in February, well above economists’ forecast of 200,000. Revisions boosted the previous two months’ increases a cumulative 30,000, Dow Jones Newswires reported.
At 3.53pm the rand was at R15.6399 against the dollar from R15.6562 previously. The local currency was trading at R15.6120 to the greenback just before the release of the upbeat US jobs data.
Against the euro, the rand was at R17.1156 from R17.1552 previously. It was at R22.1041 against the pound from R22.1892. The euro was at $1.0943 from $1.0957 previously.
The dollar rose on Friday after the robust US jobs data eased concern about the country’s economic health.
The Wall Street Journal Dollar Index, which gauges the dollar against a basket of 16 currencies, was up 0.1% to 89.34 recently, bolstered by gains against the yen and euro, the newswire said.
