Money SA economy
The rand was under pressure in early trade on Thursday, eyeing the R7.70/$ level as global sentiment remained nervous.
At 9am local time the rand was bid at R7.69 to the dollar, R9.40 to the euro and R11.46 to the pound. The euro was bid at $1.2219 from $1.2229 overnight.
RMB analysts noted in their morning report that the tide on the rand trend is turning and pressure is now for weakness. The rand is under early pressure as US stocks slid once again overnight, extending Wednesday's sharp declines, to end the worst quarter since the Lehman's bankruptcy.
"This morning's news doesn't get any better, China's Purchasing Managers Index (PMI) data suggests a slowing of the world's third largest economy. Admittedly, the same data from Japan, the world's second largest economy, was actually quite good, the same too from another powerhouse Korea, but it is the Chinese news that will undoubtedly dominate.”
Dow Jones Newswires reports the Japanese yen rose against the US dollar and euro as falling regional shares sent investors rushing to buy up the safe-haven currency.
The dollar hit a 2-month low against the yen at Y88.10, while the euro reached a new record low against the Swiss franc at CHF1.3073 on speculative sales.
