01 Feb 2013

Rand slips on euro strength

I-Net Bridge

Johannesburg – The rand slipped at noon‚ reversing earlier gains‚ due to broad based euro strength.

At 11:55‚ the rand was bid at R8.9890/$ from its Thursday close of R8.9597 and Wednesday’s close of R9.0187.

The local currency was bid at R12.2756/€ from its previous close of R12.1921 and at R14.2206 against sterling from R14.2148 before. The euro was bid at $1.3663 from Thursday’s close of $1.3610 and Wednesday’s close of $1.3568.

“The broad theme at the moment is euro strength across major crosses rather than dollar/rand strength‚” said Jim Bryson‚ currency trader at RMB.

"Stop loss/barrier runs have been the name of game‚ with moves in €/$ (through 1.36) prompting similar squeezes in €/¥ (through 125) and $/¥ (through 92)‚" said analysts at RBC Capital Markets in a research note‚ Dow Jones News Wires reported.

We live in a world where facts and fiction get blurred

Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.

Join News24 today

description

username

Show Comments ()