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.
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