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Johannesburg - The rand tracked the euro weaker in
midday trade on Monday as doubts over Greece's ability to manage its
debt weighed.
A local currency trader said that "not much" was happening on the data front on Monday to drive forex markets, but that the European Central Bank statement later this week would be of interest. He said they were looking at a range of between R8.05 and R8.15 for the rand against the dollar.
At 11:48 local time, the rand was bid at 8.0799 to the dollar from its previous close of 8.1046. It was trading at 10.7984 to the euro from 10.8060 before, and at 12.5518 against sterling from 12.6048 previously.
The euro was at $1.3362 from $1.3357 before. The euro slumped to a fresh eight-month low on Greek debt concerns.
Standard Bank research strategists said in a report that their calls last week to buy dollars around R7.75 paid further dividends on Friday as the rand sustained a breach of R8.00. It was now heading towards R8.30, they said.
The strategists noted that although the rand was "currently victim" to broad-based dollar weakness, it had also underperformed most majors as well as commodity and EM currencies over the past month.
Falling commodity prices, increased volatility and declining global equity markets had been adding to the rand's woes, Standard Bank noted.
Forex markets would watch with interest the meeting between EU finance ministers aimed at discussing the Greek debt crisis, the strategists said.
"But they (ministers) will no longer be deciding on whether or not Greece gets an additional $8bn bailout (the decision has been postponed until mid-October). Therefore, this meeting could prove a damp squib," they said.
RMB analysts said in a morning report that markets should get ready for a wild week, where underlying issues remained the weakness in the global economy, especially the problems in Greece and the associated pressures on the eurozone banking system.
Dow Jones Newswires reported earlier that in foreign exchange markets declines in Asian stock markets weakened risk sentiment, hurting higher-yielding currencies such as the euro, dealers said.
The common currency fell on news that the Greek government said it would miss its deficit target this year, even as it moves ahead with a plan to slash thousands of public-sector jobs to meet the demands of its international creditors.
Uncertainty also remained over the expansion of the European Financial Stability Facility, with the Slovakian government - due to vote on the expansion later this month - remaining split on the issue.
A local currency trader said that "not much" was happening on the data front on Monday to drive forex markets, but that the European Central Bank statement later this week would be of interest. He said they were looking at a range of between R8.05 and R8.15 for the rand against the dollar.
At 11:48 local time, the rand was bid at 8.0799 to the dollar from its previous close of 8.1046. It was trading at 10.7984 to the euro from 10.8060 before, and at 12.5518 against sterling from 12.6048 previously.
The euro was at $1.3362 from $1.3357 before. The euro slumped to a fresh eight-month low on Greek debt concerns.
Standard Bank research strategists said in a report that their calls last week to buy dollars around R7.75 paid further dividends on Friday as the rand sustained a breach of R8.00. It was now heading towards R8.30, they said.
The strategists noted that although the rand was "currently victim" to broad-based dollar weakness, it had also underperformed most majors as well as commodity and EM currencies over the past month.
Falling commodity prices, increased volatility and declining global equity markets had been adding to the rand's woes, Standard Bank noted.
Forex markets would watch with interest the meeting between EU finance ministers aimed at discussing the Greek debt crisis, the strategists said.
"But they (ministers) will no longer be deciding on whether or not Greece gets an additional $8bn bailout (the decision has been postponed until mid-October). Therefore, this meeting could prove a damp squib," they said.
RMB analysts said in a morning report that markets should get ready for a wild week, where underlying issues remained the weakness in the global economy, especially the problems in Greece and the associated pressures on the eurozone banking system.
Dow Jones Newswires reported earlier that in foreign exchange markets declines in Asian stock markets weakened risk sentiment, hurting higher-yielding currencies such as the euro, dealers said.
The common currency fell on news that the Greek government said it would miss its deficit target this year, even as it moves ahead with a plan to slash thousands of public-sector jobs to meet the demands of its international creditors.
Uncertainty also remained over the expansion of the European Financial Stability Facility, with the Slovakian government - due to vote on the expansion later this month - remaining split on the issue.
