• Busa, BBC split unpacked

    Who will lose and who stands to gain as the business bodies cut ties, asks Solly Moeng.

  • Noakes soap opera

    How many millions more will be sunk into a seemingly pointless vendetta, asks Mandi Smallhorne.

  • Downgrade scenarios

    An analyst takes a look at how credit downgrades have affected countries around the world.

All data is delayed
Loading...
See More

Flat rand eyes US fiscal deficit

Nov 08 2012 09:23
Johannesburg – The rand showed little change against the dollar on Thursday morning from its close on Wednesday‚ as the global focus on the US fiscal deficit undermined positive news from Greece.

“Even though the Greek parliament did ratify the austerity measures that are required to obtain further funding from the International Monetary Fund and European Central Bank‚ global risk appetite remains strained because participants are focusing again on the US fiscal deficit‚” Absa Capital said in a note.

At 08:42‚ the rand was bid at R8.6337/$ from Wednesday’s close of R8.6375. It was bid at R11.0245/€ from its previous close of R11.0120 and at R13.7984/£ from R13.7892 before.

The euro was bid at $1.2771 from Wednesday’s close of $1.2755.

“Rand bulls initially cheered President Barack Obama’s victory‚ because the outcome implied that the Fed would continue to flood the market with liquidity that would in all likelihood be directed towards risky assets such as an emerging market and commodity based currency like the rand‚” Absa Capital said.
markets  |  currencies

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Almost all working South Africans fear losing their jobs

Previous results · Suggest a vote

Loading...