South Africa’s Rand Flat in Subdued Early Trade

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JOHANNESBURG – South Africa’s rand was little changed in early trade on Friday, as investors awaited employment figures from the United States to gauge the likely direction for interest rates.

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At 0620 GMT, the rand edged up 0.06% at 14.6410, improving from session’s low of 14.6950 on Thursday after a batch of lukewarm economic indicators sapped demand.

With no major local data releases, investors are set to eye U.S. jobs figures due later in the session for indications of what the U.S. Federal Reserve is likely to decide at its policy meeting next.

South Africa’s struggling state power utility Eskom said on Friday power cuts would be implemented again from 9 a.m. (0700 GMT) until 6 a.m. on Saturday.

The utility will cut up to 2,000 megawatts (MW) of power from the national grid on a rotational basis.

Bonds were steady with the yield on the benchmark 10-year government issue at 8.425%

(Reuters)


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