Money SA economy
The rand was steady in early trade on Wednesday, tracking the euro which was also little changed overnight.
At 8.40am the rand was bid at R7.72 to the dollar, R9.23 to the euro and R11.15 to the pound. The euro was bid at $1.1960 from $1.1968 overnight.
A local trader said the rand would continue to track the euro, while remaining in a R7.70-R7.80 per dollar range. Depending on what happens with the single currency, the rand could test R7.70 on Wednesday, the trader added.
RMB analysts said in their morning report that the price of gold has surged to unprecedented highs as mounting concerns over the depth of the Eurozone debt crisis and its impact on the economic recovery, continues to stoke a flight to safety.
This has boosted commodity-linked currencies, notably the AUD and NZD, which have derived support from the higher price though fluctuations in Asian equity markets, have capped the extent of currency gains.
Dow Jones Newswires reports that the euro and sterling are both little changed.
