South African rand extends gains as dollar slips
Updates prices to reflect afternoon trade
JOHANNESBURG, July 5 (Reuters) -South Africa's rand extended its gains against a weaker dollar on Friday, fuelled by expectations that the Federal Reserve will cut interest rates later this year.
At 1543 GMT, the rand traded at 18.2250 againstthe dollar ZAR=D3, about 0.2%stronger than its previous close.
"The rand has gained from the weaker dollar after a volatile week of trading," Andre Cilliers, currency strategist at TreasuryONE, said earlier in the day.
Thedollar index =USD was last trading down over 0.2% against a basket of currencies.
Economic data out of the U.S. on Friday showed a slowdown in the job market in June and rising unemployment, adding to hopes of an interest rate cut as early as September which were boosted by softer-than-expected data earlier in the week.
The rand, like most emerging market currencies, takes its cue from global drivers such as U.S. monetary policy, in addition to local events.
"The rand is expected to closely follow the dollar as attention shifts away from government and cabinet news headlines," Cilliers added.
Ministers in the new South African government were sworn in on Wednesday after a historic election in May inwhich the African National Congress lostits majority for the first time since the end of apartheid 30 years ago.
On the stock market, the Top-40 .JTOPI index closed 0.35% higher. South Africa's benchmark 2030 government bond ZAR2030= was stronger, as the yield fell 2.5 basis points to 9.76%.
Reporting by Bhargav Acharya and Tannur Anders; editing by Gareth Jones and Mark Heinrich
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