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Rand slips on euro strength

Feb 01 2013 12:46 I-Net Bridge
Rands

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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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