Money SA economy
The rand remained range bound in midday trade on Friday against the US dollar amid quiet trade.
At 11.41am local time the rand was bid at R7.56 to the dollar, R9.81 to the euro and R11.65 to the pound. The euro was bid at $1.2974 from $1.2921 overnight.
A local trader said: "The rand is still stuck in the 7.51 to 7.60 range against the US dollar. However, on the crosses, the rand lost further ground against the euro due to strengthening of the euro vs the US dollar. The US CPI data due out later in the day may provide some direction for the market."
Dow Jones Newswires reports that fears about the US recovery continued to undermine the dollar on Friday, sending it lower against the euro and the yen as global risk concerns appeared to take a back seat.
Concern that the US economic recovery is faltering and could prompt further monetary easing by the Fed has been growing ever since the FOMC published its minutes on Wednesday.
Initially, market reaction was tempered by stronger than expected second quarter earnings that helped to lift stock markets and to boost hopes for a recovery.
However, a very sharp drop in the Empire State manufacturing index on Thursday, followed by disappointing results from Google and earnings from J.P. Morgan that showed weak demand for loans helped to strip away any market optimism.
