UPDATE 1-South African rand pares losses before Powell speech

The South African rand pared some losses on Friday, on improved market sentiment during the European session, ahead of a speech by the U.S. Federal Reserve Chair that could set the tone for future interest rate hikes in the world's biggest economy. The rand has had a turbulent week, contributing to its over 4% losses month-to-date. On Friday, Jerome Powell will give a speech at the Jackson Hole Symposium for global central bankers.