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Rand sentiment positive ahead of data

Feb 07 2013 12:06 I-Net Bridge

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Johannesburg - The rand continued to trade in a narrow range at midday on Thursday but was slightly firmer ahead of SA manufacturing data expected later today.

At 13:00 today Stats SA will be releasing manufacturing production and sales data for December. Kuziva Muganiwa‚ a global markets analyst from Vunani Capital attributed bearish sentiment to positive foreign reserves data released by the reserve bank yesterday.

“The positive data might have given an indication that manufacturing may have picked up slightly in the last month. This will be good news for the country.”

At 11:32‚ the rand was bid at R8.8946/$ from Wednesday’s close of R8.9012/$. The local currency was bid at R12.0655/€ from its previous close of R12.0346/€ and at R13.9308 against sterling from R13.9365 before.

The euro was bid at $1.3566 from Wednesday’s close of $1.3521.

“There’s a lot of data coming out today locally and internationally and markets are likely to struggle to find direction until then‚” Muganiwa said.

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