Money SA economy
The South African rand was virtually unmoved from its earlier levels by midday on Wednesday, awaiting the opening bell on Wall Street for further direction.
The local currency did not react to an increase in South Africa's consumer price index (CPI), of 4.6% year-on-year (y/y) in May from 4.8% y/y in April, which remained well within the target band of between 3 and 6%.
At 12.01pm the rand was bid at R7.54 to the dollar, R9.28 to the euro and R11.26 to the pound. The euro was bid at $1.2279 from $1.2314 overnight.
"Trade is quiet with support at 7.59-60 against the dollar. We will keep an eye on equity markets this afternoon when the US opens," a local currency trader said.
Dow Jones Newswires reports that the euro rose briefly Wednesday when the latest euro zone purchasing managers' indexes surprised a little on the upside.
The gains came against a generally negative background as global stock markets extended recent losses after US existing home sales showed an unexpected fall on Tuesday.
The euro, which has been depressed both by weak euro-zone economic data as well as by new concerns about European banks, started the day lower but soon found a little support when euro-zone PMIs for June came in slightly better than anticipated.
