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South Africa's rand firms, stocks set to open higher

Reuters logo Reuters 2017-07-10

A street money changer counts South African Rands in Harare © REUTERS/Philimon Bulawayo A street money changer counts South African Rands in Harare South Africa's rand firmed slightly against the dollar early on Monday, recouping some of last week's losses after strong U.S. employment data kept emerging market currencies on the back foot.

At 0646 GMT, the rand traded at 13.3600 per dollar, 0.24 percent firmer than its New York close on Friday.

Stronger-than-expected U.S. jobs data late last week reinforced expectations of another interest rate hike in the United States.

Locally focus this week on manufacturing data to be released on Tuesday and mining data due out on Thursday.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.3 percent.

In fixed income, the yield for the benchmark government bond due in 2026 dipped 3 basis points to 8.895 percent.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Toby Chopra)

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