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Optimism on US budget boosts rand

Dec 27 2012 14:36 I-Net Bridge
Rands

(File) (Shutterstock)

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Johannesburg – The rand gathered strength at noon on Thursday‚ taking its lead from firmer global markets‚ amid hopes of a resolution to the looming so-called US fiscal cliff.

At 11:41‚ the rand was bid at R8.5146/$ from its previous close of R8.5657/$. The local currency was bid at R11.2960/€ from its previous close of R11.3265/€ and at R13.7592 against sterling from R13.8039 before.

The euro was bid at $1.3269 from its overnight close of $1.3227.

“There is a sense of optimism that a solution to the US fiscal crisis will be found‚ with President Barack Obama cutting short his vacation for the resumption of talks on the issue‚” said Kuziva Muganiwa‚ global markets analyst at Vunani Private Clients.

The US‚ the world’s biggest economy‚ has the year-end deadline to avert the US fiscal crisis of spending cuts and tax hikes worth billions of US dollars‚ which analysts believe could tip the country into recession.

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