U.S. energy firms cut the number of oil rigs operating for the first time since March, as rigs fell by one to 438 this week, according to energy services firm Baker Hughes Co.
At 1500 GMT the rand was 0.48pc firmer at 14.5000 per dollar, its strongest level since Feb. 24 and poised to reach a one-year high as the bullish case gathered momentum.
We find that the unemployment rate increased by 34.1 percent between the pre-lockdown and the first wave lockdown periods and mean income fell by over 42pc.
U.S. benchmark Treasury yields continued their dip, translating into lower opportunity cost of holding bullion, after scaling one-year highs last week.
The main jobless rate dropped to 5.0% in the three months to January from 5.1% in the final quarter of 2020, in contrast to forecasts in a Reuters poll for a small rise to 5.2%.
None of the economists polled had expected a fall.
With the addition of 259,200 jobs in February, Canada recouped nearly all the losses of the previous two months and beat the average analyst prediction of 75,000 new jobs.
Employment remains 3.1% below pre-pandemic levels, while the number of long-term unemployed fell by 9.7% from a record high of 512,000 in January.