• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rand off intraday highs on local data

Nov 29 2012 19:20 I-Net Bridge

Related Articles

Risk appetite spurs rand recovery

Rand holds on to surprise gains

Rand shrugs off weak GDP figure

Rand range bound ahead of EU meeting

Rand hovers close to R9/$

Rand softens, bonds rise

 
Johannesburg – The rand retraced some of its morning gains in afternoon trade on Thursday‚ after gaining value due to rumours that the Republicans and the Democrats in the US had possibly come to an agreement to avoid the US fiscal cliff of higher taxes and lower spending. But the rand gave back value after the release of some negative local data prints.

“The local SA data today were all negative with the PPI at 5.2% in October year on year from an expected 4.8%‚ which is negative news for cutting interest rates. Credit extension figures were lower than expected - in other words the consumer is not spending - which is also negative for the rand‚” Mark Kalkwarf‚ currency trader at Iquad Group said.

“The money supply figure at 5.7% for October was also lower than an expected 7.4%‚ indicating that growth is just not there‚” he said.

At 16:01‚ the rand was bid at R8.7908/$ from Wednesday’s close of R8.8190.

The local currency was bid at R11.4203/€ from its previous close of R11.4186 and at R14.0933 against sterling from R14.1167 before.

The euro was bid at $1.2986‚ from $1.2951 at its previous close.
rand  |  dollar  |  euro  |  currencies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Tight security in Manenberg for Mthethwa

There has been a heavy police presence in the gang hotspot of Manenberg in Cape Town ahead of the arrival of Police Minister Nathi Mthethwa.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...