Data provided by iNet BFA
Loading...
See More

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
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

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Passive investment for retirement

The use of passive investment products, like Exchange Traded Funds, to deliver low-cost investment performance is taking off.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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