JOHANNESBURG - The rand firmed in early trade on Monday, helped by increasing demand for emerging market currencies as returns on offer in developed market assets faltered following poor data last week.
Employment growth in the United States for February came in much weaker than expected last week triggering a revival in demand for risk assets as US Treasury yields and the dollar dived.
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#RandReport: Rand firms after GDP data, stocks weakAt 1500 GMT, the rand was 0.42% firmer at 14.1400 per dollar, compared to its close of 14.2000 on Monday.
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#RandReport: Rand weaker, stocks led up by NaspersAt 1515 GMT the rand was 0.28% weaker at 14.2100 per dollar from its New York close of 14.1725 overnight.
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#RandReport: Rand edges higher, stocks flatAt 1515 GMT, the rand was 0.1% firmer at 14.2175 per dollar compared with a close of 14.2300 on Friday in New York.
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Rand firms in subdued start for emerging marketsWith local mining, manufacturing and business confidence data due later this week, the rand is set to take its lead from the British parliamentary vote on Tuesday on whether to go ahead with the country’s exit plan from the European Union.
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Rand falls as dollar hovers near 2-week highOn Tuesday, the dollar rose as unexpectedly strong data on US services industries and new home sales helped sooth some fears about the state of the world’s top economy.
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