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Rand weaker but firmer bias remains

Feb 06 2013 12:31 I-Net Bridge

Johannesburg - The rand took a breather during midday trade on Wednesday but is still on a firmer bias‚ after recently reaching as much as R9.16/$‚ bolstered by positive EU data.

Mark Kalkwarf‚ a senior portfolio manager at the Iquad Group said that positive data out of the eurozone has contributed to a renewed risk-on scenario.

“A lack of negative news out of SA is also aiding rand gains with foreigners buying back into local bonds.”

At 11:32‚ the rand was bid at R8.9005/$ from Tuesday’s close of R8.8203/$ and Monday’s close of R8.9085/$. It touched R9.16/$ and R12.3193/€ on January 28. The local currency was bid at R12.0391/€ from its previous close of R11.9741/€ and at R13.9283 against sterling from R13.8062 before.

The euro was bid at $1.3522 from Tuesday’s close of $1.3580. 

Less talk of mine nationalisation‚ the resolution of local labour issues and the slight decrease in the unemployment rate are being touted as the reasons for the recent spate of rand strength‚ said Kalkwarf.

Absa Capital said in a note that the decline in the unemployment rate‚ albeit marginal‚ could have helped to reduce the perception that SA could be headed for more strike activity as a result of further job losses. 

rand  |  currencies
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