The USD/ZAR currency pair has rebounded from a fresh 1-month low [03754148]. After experiencing consecutive weeks of losses, the currency pair is down 0.65%. Market attention is now focused on the upcoming US Non-Farm Payrolls (NFP) report, which is expected to be released later in the day [03754148].
Investors are eagerly awaiting the US NFP report, which is projected to show that employers in all sectors of the US economy, excluding farming, added around 180,000 job positions in January, according to market consensus [03754148]. The Federal Reserve has maintained the federal funds rate target range unchanged, and there is now a 37.5% chance of a Fed rate cut in March [03754148].
As of 9:41 GMT on Friday, the USD/ZAR pair was edging up 0.29% and trading at 18.6480 [03754148].