Rand stuck in a range, eyes euro

The rand was stuck in a range this morning and traders say the South African currency is still eyeing euro movement.

At 8.55am the rand was bid at R7.54 to the dollar from R7.50 at its previous close. It was bid at R9.54 to the euro and R11.25 to the pound. The euro was bid at $1.2637 from $1.2630 previously.

A local trader said: "The euro could be set for another hammering," noting an Asian sell-off of euro earlier.  He said the euro/rand is targeting 9.50, with the local currency in a range, keeping tabs on the single currency.

RMB noted in a morning report that attention today should almost completely be on the Eurozone 1Q10 GDP data - country data starts trickling in from 8am with the aggregate number at 11am.