Money SA economy
The rand was soft in morning play on Tuesday amid an under-pressure euro.
At 09.05am the rand was bid at R7.72 to the dollar from R7.66 at its previous close. It was bid at R9.44 to the euro and R11.18 to the pound. The euro was bid at $1.1868 from $1.243 previously.
A local trader said: "The euro is under pressure, it's the same old story. Interesting to note though, is that euro/rand is also weaker and should the rand break through 9.50, we could see it accelerate. If the rand breaks through 7.70 against the dollar, 7.82 is the next target," he said.
RMB analysts said in a morning report that readings of global manufacturing activity strewn across this week could refocus the markets' attention and reaffirm an optimistic outlook on global growth.
Dow Jones Newswires reported that the euro fell against the dollar in Asia Tuesday as reports of a delay in Argentina debt restructuring and of the European Central Bank's estimate of bank losses may propel investors to further cut holdings of euro-denominated assets.
