Rand gains on slow US wage growth, stocks up

JOHANNESBURG - The rand firmed on Friday, ending the first week of the new quarter more than 2% firmer as slow wage growth in the United States helped maintain demand for emerging currencies.The currency rallied as far as 14.0200, its best since Feb. 28, shortly after employment data from the US showed that while jobs increased by 196,000 wage growth had slowed, pushing the dollar lower.

The rand’s run towards 14.00 could unlock further gains, analysts said, with the cluster of stop-loss triggers around the level adding momentum to the rally before an expected spike in volatility as 8 May national elections approach.

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