Money SA economy
The rand tracked a firmer euro in midday play on Monday amid positive sentiment on global financial markets.
At 11.43am the rand was bid at R7.62 to the dollar, R9.32 to the euro and R11.21 to the pound. The euro was bid at $1.2247 from $1.2145 overnight.
A local trader said: We are tracking a firmer euro, which went through 1.22 against the dollar, a fairly significant number. The rand is targeting 7.62 against the dollar, in a range of 7.62-7.68 against the dollar."
RMB analysts noted in a morning report that retail sales in the US unexpectedly dropped in May, reducing the near term outlook for GDP growth, "but this looks to be a temporary dip given the sharp rise in the June consumer confidence figure.
Dow Jones Newswires reports that the dollar sank in European trading hours on Monday as generally brighter investor sentiment trimmed demand for what's seen as a safe currency to hold in times of stress.
The euro shot higher, breaking above points of technical resistance against the US currency, as somewhat improved sentiment alongside the lack of any fresh negative news on euro-area banks and finances prompted some traders to scale back negative bets.
