Money SA economy
The rand was range bound in the morning session on Monday, tracking a firmer euro.
At 8.59am the rand was bid at R7.65 from R7.62 to the dollar at its previous close. It was at R10.41 to the euro and R11.80 against the pound. The euro was bid at $1.3613 from $1.3628 previously.
A local currency trader said: "The euro bounced again, and again it looks like a dead cat bounce. The rand has reacted to that, but we are still range bound at R7.62/63-R7.70-72 against the dollar, tracking the euro."
RMB analysts noted in their morning report that every time US dollar/rand looks about to break lower, another bout of euro weakness sends the local currency straight back into the middle to upper end of the R7.58-R7.75 range.
Dow Jones Newswires reports that the euro hit a two-week high against the yen in Asia on Monday, as upturns in Asian shares encouraged US hedge funds to buy the risk-sensitive unit, dealers said, adding that the euro has more room to rise this week.
