Money SA economy
The rand remained on the front foot in midday trade on Friday but US payrolls data later in the day could set the trend for the currency going into the weekend.
At 11.50am local time the rand was bid at R7.19 to the dollar, R9.26 to the euro and R11.09 to the dollar. The euro was bid at USD1.2838 from USD1.2822 overnight.
A local trader said all eyes are on the US data later in the day. "We have come a very long way this week and we have done relatively well. We are seeing a bit of a base forming at 7.21 going into the payrolls data and after that we will just have to see," he said.
Dow Jones Newswires reports that the dollar is mixed and the euro has edged higher in places as investors position themselves ahead of the latest US non-farm payrolls data at 1230 GMT. The pound is also lower as new data boosted fears that the U.K. economy is slipping back into recession.
The Dow Jones Newswires consensus forecast is for a 110,000 decline in payrolls last month, a little less that the 131,000 fall registered in July. But risks are seen largely to the downside given disappointment over the ADP private-sector employment report earlier in the week.
