The rand was slightly weaker against the dollar shortly before midday on Monday, tracking the weaker euro, as the greenback recovered slightly from data releases last week. Weaker than expected US nonfarm payroll data on Friday caused the dollar to weaken to more than $1.20 to the euro, which the local currency usually tracks. The mood in SA and on global markets was positive, however, but there did not appear to be much happening in the global environment that could cause a massive rally for the greenback, said Standard Bank analyst Warrick Butler. Domestic focus remained squarely on the ANC, with a number of mixed data releases earlier. There is some speculation of a significant push within the governing party for President Jacob Zuma to resign, before his address at the opening of Parliament in February. Earlier, Reserve Bank data showed SA’s gross reserves amounted to $50.7bn in December‚ an 0.84% increase from November’s $50.3bn‚ the South African Reserve Bank reported on Monda...
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