Rand slightly firmer in subdued trade
Rand Merchant Bank says the local currency has lost its momentum and is unlikely to continue the rally it experienced earlier in the week
The rand was slightly firmer on Friday morning as it held on to the gains it made during the week against major currencies. A Rand Merchant Bank analyst said in a note that the rand had lost its momentum and was unlikely to continue the rally it experienced earlier in the week when it broke through R13/$ to an 18-month high of R12.90. The rand faltered on Thursday, moving briefly back over the R13/$ mark. At 8:51am the rand was at R12.9870 from Wednesday’s R13.0200. It was at R13.8526 to the euro from R13.9015 and at R16.2290 to the pound from R16.2612. The dollar was at $1.0666 to the euro from $1.675 previously. Nedbank Corporate and Investment Banking (CIB) analysts said subdued trade on Friday could be due to caution in the markets ahead of a long weekend in the US. There are no local data releases due on Friday, but the EU will publish its current account data and construction output for the eurozone.
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