All data is delayed
Loading...
See More

Rand sentiment positive ahead of data

Feb 07 2013 12:06
I-Net Bridge
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.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

rands  |  markets

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

Myths that funding and red tape are the two biggest challenges faced by emerging companies and entrepreneurs, have been debunked by a report.
 

Money Clinic

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

Voting Booth

Sarb’s possible intervention in the markets to stem the rand’s fall is:

Previous results · Suggest a vote

Loading...