MARKET WRAP: Rand tumbles the most in a fortnight as EM currencies reel on improved US jobs data

After being a little weaker in early trade the rand slumped the most in two weeks in the late afternoon after US unemployment data came in better than expected.

US jobless claims fell to their lowest in 15 months last week, data on Thursday showed, with analysts now keenly awaiting one of the country’s key employment metrics, nonfarm payrolls, due out on Friday at 2.30pm SA time. Consensus is for non-agriculture jobs to have risen by 700,000 in June, according to a Trading Economics poll…