22 Jan 2013

Rand fairly quiet‚ awaits MPC decision

I- Net Bridge

Johannesburg – The rand remained on the sidelines at midday on Tuesday‚ in anticipation of CPI figures to be released on Wednesday and the MPC announcement on Thursday.

“The rand is a bit tossed and turned today. Markets are waiting on the data due throughout the rest of the week‚” said Ockert van Niekerk‚ head of trading at PSG.

At 11:37‚ the rand was bid at R8.8382/$ from R8.8559 at Monday’s close. The local currency was bid at R11.7500/€ from its previous close of R11.7830 and at R13.9712 against sterling from R14.0153 before.

The euro was bid at $1.3295 from Monday’s close of $1.3309.

“Gwede Mantashe also spoke this morning and made a couple of loose comments about mines which the markets interpreted as negative and quickly dropped after having recovered slightly‚” said Van Niekerk.

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