South African rand slips

JOHANNESBURG: The South African rand slipped on Friday after US data suggested a big Federal Reserve interest rate cut was likely not warranted, while the country’s benchmark government bond hit an almost three-year high on improved investor sentiment.

At 1517 GMT, the rand traded at 17.835 against the dollar, about 0.8% lower than its previous close.

US employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labour market slowdown continued and probably does not justify a big rate cut from the Fed this month.