The rand was firmer against the dollar and pound on Friday morning, but flat against the euro, as markets digested weak US data that suggested the local currency may be slightly oversold. A US gauge of business confidence in June posted its largest monthly fall in four years on Thursday, with the resulting dollar weakness assisting a euro recovery, even as that currency comes under pressure from Italian politics. The rand, which usually tracks the euro, has been under pressure this week due to constrained global liquidity and weak local data. The local currency, however, had potential for a short-term technical correction to the downside, said Nedbank Corporate and Investment Banking analysts. The euro has slipped significantly over the past two months against the dollar, as the market priced in a relatively faster pace of monetary policy tightening in the US than in the eurozone. Sterling has found support from a Bank of England’s (BoE’s) monetary policy decision on Thursday, with ...

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