Money SA economy
However, US data later in the day could provide some direction for forex markets.
At noon the rand was bid at R7.25 to the dollar, R9.91 to the euro and R11.21 to the pound. The euro was bid at US$1.3637 from US$1.3614 previously.
RMB analysts said in their morning report that range-bound trade in USD/ZAR continues, with short-term moves constrained by the band of resistance at 7.20/25. Attention this afternoon focuses on US monetary policy, as CPI and retail sales data is due followed by Fed Chairman Bernanke's address to Congress.
Dow Jones Newswires reported strong first quarter growth in Singapore and good earnings from Intel have lifted global market sentiment and pushed the dollar and yen lower in Europe Wednesday.
The euro has been a major beneficiary of the shift in the market's mood with the latest euro-zone industrial production data also helping the currency. The data showed that production rose by 0.9% in February, The market had been looking for only a 0.2% increase after January's 1.7% rise.
Although Greece's debt problems remain a dominant feature of financial markets, with analysts suggesting that Tuesday's successful note auction hasn't removed the threat of default or resolved the difficulties that other euro-zone debtors could face.
