South African rand rises; EMFX near record high against weak dollar

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May 10 (Reuters) – Emerging market currencies hovered around record-high levels on Monday as weak U.S. jobs data kept the dollar under pressure, while South Africa’s rand rose to a 16-month peak after Moody’s skipped a sovereign rating review.

MSCI’s index of emerging market currencies rose 0.3%, staying just below a record high hit on Friday, as rising commodity prices and weakness in the dollar benefited risk-driven assets.

A recent jump in commodity prices has benefited the currencies of major exporters, including the Russian rouble , Mexican peso, Chilean peso and Brazil’s real.

The dollar sank to a more than two-month low versus major peers on Monday after a disappointing U.S. employment report prompted investors to temper expectations for higher interest rates, with focus now shifting to inflation data this week.

“Anyone who thought that the Fed’s employment target might be in touching distance in the foreseeable future has…

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