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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - The South African rand was a fraction firmer from its overnight levels in early trade on Thursday, tracking the euro for direction ahead of a discussion on interest rates by the European Central Bank later today.
At 08:56 local time the rand was bid at R7.2695 to the dollar from R7.2815 at the previous close. It was bid at R9.3220 to the euro from R9.3252 before and at R11.2096 against sterling from R11.2459 at its previous close.
The euro was bid at $1.2817 from $1.2821 overnight.
A trader said: "We will watch the euro for direction, but for now the range is R7.28-34 against the dollar ahead of a speech by European Central Bank President Claude Trichet."
RMB analysts noted in a morning report that spring day across the southern hemisphere was heralded in by a string of positive global economic data. Global equities, commodities and high-yielding assets rallied, with the US dollar/rand dipping below R7.30.
"While financial market indicators reflect a somewhat rosy picture, the underlying economic data remains weak. Although US manufacturing activity remains expansionary, construction spending has fallen dramatically and may result in a further downward revision to 2Q10 GDP growth. Moreover, remaining US employment data, strewn across the next two days, should reflect additional job losses. Overall payrolls is anticipated to have fallen by 118 000 last month despite the moderate pick up in private employment figures," the analysts said.
In contrast composite eurozone data remains robust, given anaemic regional domestic demand, with manufacturing PMIs being revised slightly higher suggesting stable growth, RMB said.
"For now, US dollar/rand remains poised above the elusive R7.20 level and continues to meander within a narrow range. The ECB's interest rate press conference should prove uneventful with the central bank likely to maintain a dovish stance, despite sturdy GDP figures, keeping euro/US dollar close to $1.28. Global services PMI and the release of the notorious non-farm payrolls figure tomorrow could dampen the newfound optimism but the Dow Futures, currently trading in positive territory, suggest that the mood should remain cheerful over the course of today," RMB concluded.
Dow Jones Newswires reports that European Central Bank President Jean-Claude Trichet will speak to the press at 12:30 GMT Thursday, after the central bank discusses interest rates. Analysts believe the ECB will hold its key rate steady at 1.00%.