Johannesburg - The rand was a touch firmer in quiet early
trade on Tuesday as the northern hemisphere summer holidays robbed the market
“This is the summer doldrums period so there is nothing to
move the rand out of its recent range until the European traders return from
their holidays in September‚” a local trader said.
At 8.44am local time the rand was bid at R8.2993 to the
dollar from Monday’s close of R8.3197 and Friday’s close of R8.3127. It was bid
at R10.2598 to the euro from its previous close of R10.2714 and at R13.0653
against sterling from R13.0688 before.
The euro was bid at $1.2377 from $1.2350.
RMB said the rand should be able to start edging stronger
“We saw the unit finally top out yesterday and its
compatriot currencies are now making slow but steady gains‚” the bank said.
“The worst effects of the mine shootings should now be
behind us. Look for USD/ZAR to drift below R8.30 and EUR/ZAR to drop to R10.20
or lower in what should still be slow and unexciting trade.
“The global environment is reflecting the northern
hemisphere holiday season. There has been little in the way of meaningful
market moves and‚ with the data calendar deplete of anything important‚ we
should expect much of the same today‚” the bank said.
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