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MARKET WRAP: JSE and rand firmer, with investors’ focus on US inflation report

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Sentiment remains cautious as a strong US jobs report signals a good chance the Fed will implement another 75 bps rate hike

The rand gained the most in a week on Monday, while the JSE tracked firmer US and European markets, with investors’ focus shifting to key inflation reports this week.

The local currency gained more than 1.2% in intraday trading, having lost as much as 1% in the previous session after stronger-than-expected US nonfarm payrolls surprised the market, showing the country’s labour market added 528,000 jobs in July, beating a market estimate of a 258,000 increase. ..

 

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