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Rand tad softer despite Chinese data

Feb 08 2013 12:23 I-Net Bridge

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Johannesburg - The rand was slightly weaker at midday trade on Friday but remained well within range‚ despite better than expected Chinese trade data.

“Outside of any new local news the rand is likely to stay within the R8.85-R8.95 range to the dollar‚” said Kuziva Muganiwa‚ a global markets analyst from Vunani Capital.

“Benchmark yields on bonds have been more or less stable for the past week‚” he said.

Absa Capital said in a note that they expected the rand to go into the weekend on a firmer footing‚ given this morning’s better-than-expected Chinese trade data‚ however Muganiwa remarked that concerns that Europe will contract by 0.3% this year will probably offset any positive sentiment from the recent Chinese data.

“A Chinese recovery has likely already been priced into the rand‚” he said.

At 11:42‚ the rand was bid at R8.9238/$ from Thursday’s close of R8.9115/$. The local currency was bid at R11.9794/€ from its previous close of R11.9267/€ and at R14.0447 against sterling from R13.9953 before.

The euro was bid at $1.3424 from Thursday’s close of $1.3382.

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