Money SA economy
The South African rand was softer in midday trade on Friday as traders trimmed their positions in the euro versus the US dollar ahead of the G20 summit in Canada. The euro lost steam against the US dollar after a brief bounce in mid-morning trade.
At 11.41am the rand was bid at R7.65 to the dollar, R9.41 and R11.41 to the pound. The euro was bid at $1.2268 from $1.2335 overnight.
"The rand is a little bit softer on the back of the euro which fell compared to the US dollar.
"Traders are clearing their positions ahead of the G20 summit in Canada. There is some degree of uncertainty among investors as to what will come out of the summit."
Meanwhile, Dow Jones Newswires reports that an early attempt by the euro to bounce failed Friday, pushing the single currency back down against the dollar.
Concern about the rising cost of insuring Greek debt and about what G20 leaders will come up with at their summit meeting this weekend in Canada continues to dominate market sentiment.
