South Africa’s rand firmed against the dollar in early trade yesterday, as investors awaited third quarter unemployment data.
At 0705 GMT, the rand traded 0,54 percent stronger at 14,6400 per dollar, having closed in New York at 14,7200. The currency is expected to trade in a range of 14,5000 to 14,8000 to the dollar yesterday, NKC African Economics wrote in a note.
Investors were waiting for the release of Statistics South Africa’s third quarter labour force survey due at 0930 GMT. South Africa’s unemployment rate rose to 27,2 percent in the second quarter from 26,7 percent in the first quarter.
“The official South African unemployment rate probably will remain close to 27 percent in Q3, due to weak growth, continued policy uncertainty and a lack of measures to boost employment,” NKC African Economics wrote.
In fixed income, the yield on the benchmark government bond due in 2026 was up 2 basis points at 9,275 percent. Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0,15 percent.
Source : The Herald