Rand treads water ahead of nonfarm payrolls data
THE rand was range-bound in sluggish trade on Tuesday morning as investors awaited the release of US nonfarm payroll data on Friday.
Between now and Friday the data calendar remains thin with very little that could push the market in any direction.
At 8.30am the rand was at R12.0484 against the greenback following a close of R12.0614 on Monday.
The local unit was at R13.3817 against the euro from a previous close of R13.4478 and traded at R18.2068 against the British pound‚ from its previous close of R18.2377.
The euro was at $1.1107 from a close of $1.1149.
Barclays Research said in an early morning note: "Given that data remain scant on both the domestic and international front today, we think that the rand will continue trading in a narrow range as participants wait on the sidelines ahead of the German factory order release on Thursday and the all-important US employment report on Friday".