Money SA economy
The rand continued to be under pressure in early trade Thursday, after it weakened almost 1.4% on Wednesday, as the Greek crisis continues to cast a pall over global markets.
At 09.17am the rand was bid at R7.65 to the dollar from R7.61 at its previous close. It was bid at R9.76 to the euro and R11.49 to the pound. The euro was bid at $1.2762 from $1.2812 previously. For today all eyes will be on the euro once again.
RMB analysts said in their morning report that EUR/USD is vulnerable to further weakness ahead of the ECB's monthly press conference later this afternoon, posing additional upside risk to the rand.
On Wednesday, the euro dropped to a 14-month low against the dollar as fears over the spreading euro-zone debt crisis again hammered markets.
Investors are deeply concerned that the EUR110 billion aid package to Greece will neither ensure solvency in Greece nor contain the spread of the crisis to other fiscally troubled euro-zone countries.
