The ADP private payrolls report on Wednesday missed expectations, with focus now squarely on nonfarm payrolls on Friday
The JSE faces mostly higher Asian markets on Thursday morning, with global focus still on US economic data as investors mull the future of US Federal Reserve policy.
and though that report doesn’t have a great track record at predicting US nonfarm payrolls outcomes, the big miss was too big to ignore, said National Australia Bank analyst Rodrigo Catril in a note. The Fed wants to see a sustained improvement in the US labour market before paring back monetary policy support, and the prospect of lower interest rates for longer in the US would support the rand, given the relatively higher yield on offer from SA's bonds.
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