South African rand firms on dollar slump, US rate cut bets
Business
South African rand firms on dollar slump, US rate cut bets
JOHANNESBURG (Reuters) - The South African rand firmed on Friday as US economic data showed a slowdown in jobs growth in July and a rise in the unemployment rate, boosting bets of a September rate cut in the world's biggest economy and pressuring the dollar.
The rand traded at 18.24 against the dollar at 1553 GMT, about 0.2% stronger than its Thursday close. The dollar was last down over 1% against a basket of currencies .
The data out of the US followed comments from Federal Reserve Chair Jerome Powell who on Wednesday said that rates could be cut as soon as September if the US economy follows its expected path.
Like other risk-sensitive currencies, the rand often takes cues from global drivers like US economic data and monetary policy in the absence of major local drivers.
