Money SA economy
The rand was weaker in early trade on Thursday, in line with the weaker equity markets in Asia and the softer euro versus the US dollar.
At 8.59am the rand was bid at R7.79 to the dollar from R7.71 at its previous close. It was bid at R10.49 to the euro and R11.93 to the pound. The euro was bid at $1.3472 from $1.3541 previously.
A local currency trader said that weaker equity markets in Asia and the weak euro were setting the tone for the local currency.
RMB analysts said in their morning report that during Federal Reserve Chairman Ben Bernanke's semi-annual testimony to Congress, rhetoric regarding monetary tightening remained unchanged with Bernanke chanting the Fed's infamous mantra of "low rates of resource utilisation, subdued inflation trends and stable inflation expectations" warranting "exceptionally low levels of the federal funds rate for an extended period of time."
Dow Jones Newswires reports the dollar and yen are gaining against the euro and sterling on Thursday, despite disappointing U.S. economic data and as Federal Reserve's Chairman
Ben Bernanke's benign outlook for interest rates helped support riskier assets.
