Publications
Partners
Johannesburg - The rand strengthened in late trade on Thursday despite good US data that boosted the dollar against the euro.
“Some days the rand can do no good and other days it can do no bad. Today is one of those days when the rand becomes Teflon coated and shrugs off the bad news‚ while tomorrow everything sticks‚” said a local currencies trader.
“The list of bad news today starts with the Asian equity selloff‚ continues with the good US data and ends with news that Eskom does not have enough capacity to meet expected demand. Cutting supply to the aluminium smelters means that the lights stay on‚ but it reduces exports of aluminium‚” the trader said.
At 18:00 the rand was bid at R9.9146/$ from Wednesday’s close of R10.0731/$. The local currency was bid at R13.1956/€ from its previous close of R13.4310/€ and was at R15.5504 against sterling from R15.7812 at its previous close.
The euro was bid at $1.3310 from $1.3338 at Wednesday’s close.
“Some days the rand can do no good and other days it can do no bad. Today is one of those days when the rand becomes Teflon coated and shrugs off the bad news‚ while tomorrow everything sticks‚” said a local currencies trader.
“The list of bad news today starts with the Asian equity selloff‚ continues with the good US data and ends with news that Eskom does not have enough capacity to meet expected demand. Cutting supply to the aluminium smelters means that the lights stay on‚ but it reduces exports of aluminium‚” the trader said.
At 18:00 the rand was bid at R9.9146/$ from Wednesday’s close of R10.0731/$. The local currency was bid at R13.1956/€ from its previous close of R13.4310/€ and was at R15.5504 against sterling from R15.7812 at its previous close.
The euro was bid at $1.3310 from $1.3338 at Wednesday’s close.
