Money SA economy
The rand was range bound on Wednesday morning amid very little economic data to spur movement either way.
At 09.03am local time the rand was bid at R7.64 to the dollar from R7.63 at yesterday's close. It was bid at R9.63 to the euro and R11.55 to the pound. The euro was bid at $1.2574 from $1.2618 overnight.
A local trader said that the local currency had tried to firm against the majors on Tuesday, however having failed the rand was back in a range of 7.62-7.72 against the greenback.
RMB analysts noted in their morning that global markets might finally have adjusted to the new reality of slower economic growth in 2010.
"Figures yesterday suggest that growth in the US service sector might be slowing faster than thought yet US equities, and so global risky assets, managed half-hearted gains. This risk rally doesn't look likely to have any legs. There is no major international data or events in the immediate horizon and with Northern Hemisphere holidays constraining liquidity, it appears that markets are left to trade in limbo."
Dow Jones Newswires reports that the dollar regained some ground against the euro and other risk-sensitive currencies in Asia Wednesday as weak regional share markets prompted hedge funds and other short-term investors to buy back the safe-haven US unit.
