Crackdown in Joburg hits FNB, Coca-Cola, WeBuyCars, and Checkers, and Treasury issues warning about SRD grant increase to R450
The rand strengthened this week, following unexpected jobs data from the United States that weakened the dollar and boosted gold prices.
After the jobs report was released, the rand reached R16.15 to the dollar, approaching the R16/$ resistance level it last surpassed before the outbreak of the US-Iran conflict at the end of February.
The US Bureau of Labour Statistics reported that the US economy lost 23,000 jobs in July, a surprising turn from the anticipated gain of approximately 80,000 to 95,000 jobs predicted by economists.
Although the unemployment rate decreased slightly to 4.1% from 4.2%, this improvement was overshadowed by significant downward revisions for previous months.
June’s modest gain was revised down to 20,000 from 57,000, and May’s total was nearly halved, dropping to 66,000 from 129,000.
Weaker US jobs data typically strengthens emerging market currencies by decreasing the value of the dollar and is also likely to prompt the US Federal Reserve to adopt a more accommodative monetary policy.
Earlier in the week, the Fed decided to hold interest rates steady, which further supported the rand. Analysts now suggest that previously expected rate hikes may no longer be warranted in light of the recent jobs data.
Looking ahead to next week, investors focused on South Africa will pay attention to manufacturing and second-quarter employment figures released on Tuesday, as well as mining data on Thursday, to gauge the health of Africa’s most industrialised economy.
On the Johannesburg Stock Exchange, the Top-40 index rose by 0.7% in early trading. Meanwhile, South Africa’s benchmark 2035 government bond weakened, with the yield rising 4 basis points to 8.43%.
On Sunday, 9 August 2026, the rand was trading at R16.15 to the dollar, R21.77 to the pound, and R18.65 to the euro. Gold is trading at $4,342.23 an ounce, while oil prices were at $83.55 a barrel.
5 important things happening today
New crackdown in Johannesburg hits top companies: The Joburg Property Company continued its crackdown on illegal outdoor advertising, taking down billboards from FNB, Coca-Cola, Netflix, WeBuyCars, Fanta, Checkers, and RocoMamas. [Daily Investor]
SRD grant increase warning: The National Treasury will argue in the Supreme Court of Appeal that increasing the Covid-19 social relief grant is unaffordable and not meant to be permanent. They aim to overturn a ruling that expanded access to the grant for 10 million more people and raised its value from R370 to R450, adding R65 billion in costs for the upcoming financial year. [Business Day]
Netflix accounts taken over: Cybercriminals are stealing Internet browser cookies from South Africans en masse and using them to bypass login screens for platforms like Netflix, YouTube, and Reddit. [MyBroadband]
The Department of Labour and Employment raids more businesses: The Department of Labour and Employment reiterated its zero-tolerance stance on exploitation to create jobs following a surprise inspection at a factory complex in Hammarsdale, west of Durban. [EWN]
ANC leader admits money is used to buy votes: ANC Northern Cape chair Zamani Saul said that money continues to play a role in the votes at the party’s National Conferences. [Newsday]
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