The South African currency traded somewhat on the backfoot against the greenback during Friday’ European session according to NKC Research. busrep
JOHANNEBSURG - The South African currency traded somewhat on the backfoot against the greenback during Friday’ European session according to NKC Research.
The May United States jobs report was a welcome surprise. Instead of another month of huge job losses, which was widely expected, payrolls increased by 2.5 million, which drove the dollar marginally higher. At the close of local trade, the rand quoted 0.28 percent weaker at R16.86/$, after trading in the range of R16.74/$ - R16.93/$. Having said that, the rand strengthened during Asian trade this morning, which is likely to be the trend today, thanks to an improvement in overall risk sentiment.
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