South Africa's rand recovers from US jobs data to end higher

South Africa's rand closed higher on Friday after quickly recovering from a dip triggered by strong U.S. jobs data. While the data raised expectations the Federal Reserve will start to raise interest rates in September, which could prompt investors towards U.S. assets at the expense of emerging market assets, robust jobs growth was also taken as a positive sign that the global economy would continue to expand. "The U.S. jobs data was largely in line with expectations, and although the