Rand reached strongest level in a week

Trade report 11/07/2013

In early Thursday trade the rand reached its strongest level in more than a week, prompted by comments from the US Federal Reserve which dented expectations it could soon pull back on its asset purchases. Manufacturing output data due to be released at 13:00 could however weaken the rand if it shows a sharp slowdown from previous months. The USD-ZAR is expected to trade at 9.80-10.0000.

For the first time in six months, employment number or the month of June increased marginally, boosted by a turnaround in formal sector jobs. The formal sector 2587 jobs were created and in the 9890 jobs were created in the informal sector in June. The main drivers for new job creation in June were agency work, the government sector and highly skilled professionals. According to Adcorp, an employment services company says temporary work has remained stable during recent months, but permanent work has declined by 1.8% over the past year.

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