The rand was largely unchanged in afternoon trade on Friday as US GDP growth came in as expected. The US economy grew 2.6% in the second quarter, from a revised 1.2% in the first. The dollar showed little initial reaction to the data, remaining on the back foot against the euro, but US bond yields edged lower. The rand failed to make much headway below R13 to the dollar this week, despite an environment of dollar weakness. After reaching a best level of R12.85 on Wednesday it traded above R13 to the dollar on Thursday and Friday. "The rand, once again, failed to make any meaningful or sustained gains on Thursday, faltering short of the R12.80 to the dollar technical pivot," analysts at Nedbank Corporate and Investment Banking said. Nedbank expects the rand to remain range-bound between R12.80 and R13.20 for now. "Only a sustained break of these levels will provide the catalyst for a greater move."
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