Money SA economy
The rand was on the front foot in midday trade on Friday amid a stronger euro, and ahead of crucial EU bank stress test results.
Die rand verhandel naby aan vanoggend se beginvlakke vanmiddag en volg die euro se beweging teen die dollar.
A local dealer said: "Rand strength started yesterday on the back of the MPC's decision to keep rates unchanged. Offshore got caught long, expecting a rate cut. The euro is also stronger, so we might see further rand strength down to 7.30 against the dollar," he said.
Dow Jones Newswires reported that a stronger-than-expected rise in Germany's latest Ifo survey lifted the euro sharply ahead of the release of the European bank stress tests later Friday.
The data, which showed the business sentiment index leaping up to 106.2 this month from 101.8 in June, instead of falling to 101.5 as expected, pushed the euro firmly back over $1.29.
General market sentiment had already improved as other economic numbers out of the euro zone and the US on Thursday, and the continued string of strong second-quarter earnings results, boosted hopes for a global recovery.
