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Johannesburg - The rand was softer against the dollar in thin noon trade on Wednesday in spite of an almost unchanged euro.
"We're seeing a dislocation between the rand and the euro at the moment," a local currency trader said. "I think this is because of liquidity issues," he said.
At 11:37 local time, the rand was bid at R8.0742 to the dollar from its previous close of R8.0527. It was bid at R10.5303 to the euro from R10.5102 before, and at R12.6111 against sterling from R12.5935 previously.
The euro was bid at $1.3045 from its previous close of $1.3050.
While the purchasing managers' indices for Italy, France, Germany and the eurozone were released today, this had little effect on the single currency.
South African bonds followed the local currency weaker.
By 11:50, the benchmark R157 bond was trading at 6.750%, from its previous close of 6.730%. The R207 was bid at 7.930% and offered at 7.925% from a previous close of 7.900%, and the R186 was bid at 8.510% and offered at 8.510% from its close of 8.490%.
"Trade is extremely thin, it looks like we're just tracking the rand," a bond trader said.
With no local data due today, markets were expected to focus on their global counterparts for news flow and direction.
Foreigners were net sellers of R536.382mn of South African bonds including repo transactions on Tuesday - the first trading day of 2012 - after net sales of R278.1m of local bonds on Friday, data released by the JSE show. Local markets were closed on Monday for a holiday.
Nominal cumulative volume was R72.089bn on Tuesday from R15.566bn on Friday.
Foreigners were net sellers of R536.388m of South African bonds excluding repo transactions on Tuesday, after net sales of R278.105m of local bonds on Friday.
For the year to date, foreigners have been net sellers of R536.4m of local bonds, excluding repo transactions.
In 2011 foreigners were net buyers of R47.359bn worth of local bonds, excluding repo transactions.
In the year to date foreigners have been net sellers of R536.4m of local bonds including repo transactions.
In 2011 they bought R37.501bn of local bonds.
"We're seeing a dislocation between the rand and the euro at the moment," a local currency trader said. "I think this is because of liquidity issues," he said.
At 11:37 local time, the rand was bid at R8.0742 to the dollar from its previous close of R8.0527. It was bid at R10.5303 to the euro from R10.5102 before, and at R12.6111 against sterling from R12.5935 previously.
The euro was bid at $1.3045 from its previous close of $1.3050.
While the purchasing managers' indices for Italy, France, Germany and the eurozone were released today, this had little effect on the single currency.
South African bonds followed the local currency weaker.
By 11:50, the benchmark R157 bond was trading at 6.750%, from its previous close of 6.730%. The R207 was bid at 7.930% and offered at 7.925% from a previous close of 7.900%, and the R186 was bid at 8.510% and offered at 8.510% from its close of 8.490%.
"Trade is extremely thin, it looks like we're just tracking the rand," a bond trader said.
With no local data due today, markets were expected to focus on their global counterparts for news flow and direction.
Foreigners were net sellers of R536.382mn of South African bonds including repo transactions on Tuesday - the first trading day of 2012 - after net sales of R278.1m of local bonds on Friday, data released by the JSE show. Local markets were closed on Monday for a holiday.
Nominal cumulative volume was R72.089bn on Tuesday from R15.566bn on Friday.
Foreigners were net sellers of R536.388m of South African bonds excluding repo transactions on Tuesday, after net sales of R278.105m of local bonds on Friday.
For the year to date, foreigners have been net sellers of R536.4m of local bonds, excluding repo transactions.
In 2011 foreigners were net buyers of R47.359bn worth of local bonds, excluding repo transactions.
In the year to date foreigners have been net sellers of R536.4m of local bonds including repo transactions.
In 2011 they bought R37.501bn of local bonds.
