Money SA economy
The rand firmed in morning play on Friday, but within a range ahead of June non-farm payrolls data in the US.
At 8.58am the rand was bid at R7.69 to the dollar, R9.60 to the euro and R11.65 to the pound. The euro was bid at $1.2484 from $1.2501 overnight.
A local trader said: "We saw a big rand/euro move yesterday, but things have quietened down this morning, with the rand in a range against the dollar ahead of non-farm data. The numbers expected aren't good, so there should be a reaction on the markets."
The trader also noted US Independence day on July 4, to be celebrated as a holiday Monday.
RMB analysts noted in their Friday morning report that yesterday's international PMI data made it clear that the pace of the global economic recovery was slowing.
"While this had been expected, the reality is still causing market ructions. Indeed, if it hadn't been for some sharp euro/US dollar movements, US dollar/rand would have pushed to 7.90 even 8.00 yesterday. It was instead left to euro/rand to do the running, pushing up 3% to a peak of 9.70," the analysts said.
Jones Newswires reports that additional gains in the dollar and euro may be short-lived as players adopt a cautious approach ahead of the key US non-farm payrolls data for June, slated for release at 1230 GMT. The euro may move in step with the dollar, a dealer said.
