• Inside Labour

    The 'casualisation' of the workforce is often a ploy to cut costs, says Terry Bell.

  • When drones go dancing

    Drone technology's future is about to come to life in Cape Town, says Arthur Goldstuck.

  • Testing times for Matona

    New Eskom CEO Tshediso Matona has his work out cut out for him, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Rand steady ahead of rates meeting

Nov 19 2012 09:11 Reuters


Related Articles

Dip in inflation seen, meat prices worry

Higher feed costs to drive up meat prices

'Randela' notes go into circulation

Deficit shock: Rand needs to weaken

Short-term savings advice

Rates no weapon against unemployment

 
Johannesburg - The rand continued to drift upwards against the dollar on Monday after coming close to a 3-1/2 year low last week, but it is likely to remain range-bound ahead of the South African Reserve Bank's rate-setting meeting this week.

The rand was at R8.8448/$ at 08:41 on Monday, 0.3% firmer than Friday's New York close.

It marked a recovery from its low of R8.9909 on Thursday when concerns about a new wave of protests by farm workers in the Western Cape province and weak GDP data from the euro zone weighed on the currency.

The rand could remain stuck in the 8.80-8.90 range this week, mirroring the euro, which has been trading in a narrow band, said Jim Bryson, an FX trader at Rand Merchant Bank.

"No excitement in the euro," he said. "I think we won't get much excitement in the rand either. It really starts to feel like we're drifting to the end of the year now."

Trading activity is also likely to be muted ahead of the Sarb's Monetary Policy Committee meeting on Thursday, Bryson added. The MPC is expected to leave the repo rate unchanged at 5%.

Consumer inflation data for October will be released on Wednesday. A Reuters survey of 19 economists suggests inflation slowed to 5.4% in October, from 5.5% the previous month.

Government bonds were steady, with the yields on the 2026 paper and the 2015 instruments barely changed at 7.64% and 5.45% respectively.
rand  |  markets  |  currencies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...