Share

Slightly weaker rand eyes EU summit

Johannesburg – The rand weakened slightly shortly before noon on Thursday as traders eye the European Union Summit‚ which starts today.

“The reason why the rand is slightly weaker at the moment is that the local currency received trend line support at R8.55 against the dollar and it bounced of that level‚” said Mark Kalkwarf‚ a senior portfolio manager at the Iquad Group.

At 11:31‚ the rand was bid at R8.6176/$ from Wednesday’s close of R8.6017. It was bid at R11.3041/€ from its previous close of R11.2780‚ and at R13.9189/£ from R13.8737 before.

The euro was bid at $1.3124 from Wednesday’s close of $1.3111.

“The rand is stronger this week for a number of reasons‚ one being the increase in risk appetite due to better-than-expected US housing data and expectations that China’s economy has started bottoming out.

"This is rand positive as traders are expecting them to start buying again‚” he added.

Kalkwarf said that all eyes would be on the EU summit today as traders were expecting Greece to ask for a second bailout.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders