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Johannesburg - The rand continued its
strong showing in midday play on Thursday, eyeing 7.42 against the dollar amid
a firm euro.
At 11:43 the rand was bid at 7.4913 to the dollar from 7.4840 at its
previous close. It was bid at 10.2463 to the euro from its previous close of
10.2701 and was at 11.2840 against the sterling from 11.3117.
The euro was bid at $1.3656 from $1.3700 previously.
A local currency trader said: "The trend is definitely for a stronger rand.
We initially found support at 7.55 against the dollar, but broke through that.
"The rand will look at lows of 7.42, perhaps not today, with 7.48 the next
immediate level against the dollar.
"The euro has come off a bit against the dollar, but is still performing
well. Any good showing by the euro will boost the rand," he said.
In their morning commentary, RMB analysts noted that a stronger rand is
certainly justified by the better news out of Greece, the rise in commodity
prices and the stability in global equities. With dollar/rand 7.5650/5800
having been broken technically it is now open for moves to 7.47.
Dow Jones Newswires reports in the currency markets, the euro and the pound
edged lower against the dollar amid caution ahead of the ECB and BoE rate
decisions, and after Wednesday's gains following the announcement of Greece's
austerity measures.
At 07:15 GMT, the euro was quoted at $1.3666 from $1.3703 in late New York
trade on Wednesday. Sterling was at $1.5060 from $1.5097.
- I-Net Bridge