Money SA economy
The rand was range bound in morning trade, with a trader citing a period of consolidation ahead of US April retail sales data out later.
At 8.56am the rand was bid at R7.45 to the dollar, R9.36 to the euro and R10.88 to the pound. The euro was bid at $1.2569 from $1.2571 previously.
RMB noted in a morning report that after months of procrastination, German officials are lending their voices to the Euro debate with Chancellor Merkel saying that, "if the EUR fails, not only the currency fails. Europe fails too."
The beleaguered euro is languishing near 14-month lows, and although support is evident at euro/US dollar 1.25, continued attacks on the ECB's credibility, following their about turn regarding the outright purchase of government bonds, and speculation over the effectiveness of the proposed austerity measures could incite further weakness and drag the unit lower, RMB said.
Dow Jones Newswires said bargain hunting helped the euro against the dollar Friday.
