South?Africa‘s rand weakened resistant to the dollar noisy . trade on Monday when the greenback stayed near its 2018 peak after US jobs and wages data did little to temper perceptions of strength in america alone economy.
At 06:45 GMT, the rand traded at 12.57 per dollar, 0.48% weaker than its close on Friday.
The rand was between the worst performing emerging market currencies in April possesses remained weak in May with all the dollar, lifted by rising US Treasury yields, climbing to its highest levels this coming year against a gift basket of currencies.
“The US dollar strength observed since the beginning of May is testing emerging market resilience.South?Africa?and Turkey are generally vulnerable resulting from high financing needs,” Rand Merchant Bank analyst Isaah Mhlanga wrote from a note.
He added: “We expect trade tensions and Nafta (US, Mexico and Canada) trade speaks to negatively change up the rand, and now we will not expect meaningful gains in the week.”
Stocks were set to look at higher at 07:00 GMT, with the JSE securities exchange’s Top-40 futures index up 0.23%.
In fixed income, the yield for the benchmark government bond due in 2026 fell 1.5 basis suggests 8.33%, reflecting firmer bond prices.