Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - The rand remained
firm in the afternoon session on Wednesday amid record gold prices and a
weaker greenback.
At 15:37 the rand was bid at 7.4270 to the dollar from 7.4810 at its
previous close. It was bid at 11.0848 to the euro from its previous close of
11.1168 and was at 12.4753 against sterling from 12.5678.
The euro was bid at $1.4945 from $1.4862 overnight.
A local currency trader said: "The predominant factors moving the rand
have been a weaker dollar, along with record gold.
"I am surprised by the weakened dollar, as I had expected it to
strengthen, however, I would caution that it should do so [firm] in the
coming weeks."
Dow Jones Newswires reported that the euro advanced against the dollar
on Wednesday morning as a stronger appetite for risk fuelled a rally in oil,
gold, copper and other commodities that boosted stock markets.
Crude oil rose above $80 a barrel and gold hit a fresh record high in
overnight trading, lendng support to other riskier assets. US stocks are set
to open slightly higher on improved sentiment about a global recovery after
Tuesday's less-than-inspiring US economic data.
Despite the more upbeat mood, the euro has failed to rise past the key
psychological level of $1.50 and remains confined to recent ranges.
Investors will be eyeing two US economic reports to assess the speed of
the recovery and if the risk-on environment which has helped lift the euro
and other higher-yielding currencies will remain in place. US consumer price
index and housing starts for October are both scheduled for release on Wednesday.
- I-Net Bridge