Rand still range bound

The rand was range bound in morning trade on Friday, despite signs of genuine euro strength.

A local dealer said US CPI data out later could see the single currency break through 1.30 against the greenback. At 09.02am local time the rand was bid at R7.56 to the dollar, R9.75 to the euro and R11.63 to the pound. The euro was bid at $1.2903 from $1.2921 overnight.

A trader said the local currency continues to trade in a range, "despite the euro/dollar bouncing around all over the place. We are seeing genuine euro strength," he said.

The trader noted that eyes would turn to US CPI data out later.

RMB analysts noted in a morning report that the euro/US dollar continued with its gyrations.

"We saw two big figure moves alone yesterday as Spain received another good debt issuance and the Italian parliament approved their austerity plan. This new upside pressure means that either US dollar/rand has got to fall or euro/rand has got to rise. Yesterday it was the latter feeling the pressure and at 9.75 we are at a two-month high. On this cross it certainly seem that our bigger picture view, that the rand is past its best, is playing out.”