The rand was firmer on Wednesday morning against major currencies due to continued low liquidity in the first few days of the year. Currency analysts indicated however that the rand was in range for the current period. Market analyst at ETM Analytics Ricardo da Camara said that the local currency was moving in the same direction as the Turkish lira, the Indian rupee and Mexican peso, which have all firmed against the dollar. Da Camara said that there was nothing specific that accounted for the rand’s strength, but it could be combination of a number of factors. He said low liquidity coupled with the fact that many traders are still on their festive season break could be responsible for the rand’s firmness. Japanese PMI data for December, which was slightly stronger than expected, could also be a factor, Da Camara said. He said the PMI data could indicate a greater demand for commodities, which would be beneficial for SA. The PMI rose to 52.4 points, from 51.9 previously, and is curr...
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