The rand was the biggest gainer among the emerging-market currencies on Friday after weaker-than-expected US wage growth fueled speculation that the US Federal Reserve is unlikely to raise interest rates any time soon.
“Any signs of wage growth cooling could rekindle speculation over the Fed cutting interest rates — something that will punish the dollar,” research analyst at FXTM Lukman Otunuga, said. Anglo American Platinum went up 3% to R733.34, Northam 5.63% to R60, Impala 4.57% to R59.27, and Lonmin 4.84% to R12.78.Standard Bank added 2.63% to R206.77, Absa 2.58% to R173 Nedbank 2.31%% to R278.79, Capitec 2.27% to R1,356.23 and FirstRand 1.27% to R69.37.
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