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Johannesburg – The rand was trading a tad stronger at noon on Wednesday‚ supported by selling from local exporters.
Market participants are awaiting the results of the European Central Bank (ECB) policy meeting on Thursday and US employment data on Friday.
Market participants worldwide are expecting that ECB President Mario Draghi will give some details of a potential bond-buying plan to bring down Spain’s borrowing costs.
“The rand performed poorly overnight but has recovered to the 8.40 level with good local selling from exporters seen supporting the rand. We are now pretty much where we were trading this morning‚ with some dollar weakness supporting the rand‚” a local trader said.
At 12:04‚ the rand was bid at R8.4055 to the dollar from R8.4114 at Tuesday’s close. It was bid at R10.5456 to the euro from its previous close of R10.5663 and at R13.3484 against sterling from R13.3450 before.
The euro was bid at $1.2547 from $1.2564 at Tuesday’s close.
Market participants are awaiting the results of the European Central Bank (ECB) policy meeting on Thursday and US employment data on Friday.
Market participants worldwide are expecting that ECB President Mario Draghi will give some details of a potential bond-buying plan to bring down Spain’s borrowing costs.
“The rand performed poorly overnight but has recovered to the 8.40 level with good local selling from exporters seen supporting the rand. We are now pretty much where we were trading this morning‚ with some dollar weakness supporting the rand‚” a local trader said.
At 12:04‚ the rand was bid at R8.4055 to the dollar from R8.4114 at Tuesday’s close. It was bid at R10.5456 to the euro from its previous close of R10.5663 and at R13.3484 against sterling from R13.3450 before.
The euro was bid at $1.2547 from $1.2564 at Tuesday’s close.
