Money SA economy
The rand remained on the front foot against the dollar in early trade, with analysts predicting the local currency is on the way to test its best levels this cycle.
At 07.55am local time the rand was bid at R7.25 to the dollar, R9.48 to the euro and R11.40 to the pound. The euro was bid at $1.3082 from $1.3057 overnight.
"The tide keeps coming in and out but for now it is very much pro-rand once again - and the unit is on the way to test its best levels this cycle,” RMB analysts said in a morning report.
"Event risk remains elevated through the week culminating on Friday: Local reserve figures are again worth tracking given increased evidence that the government is taking cash offshore, thereby weakening the rand, while US non-farm payrolls data sets the scene internationally. In all, a very busy week in store," the analysts said.
Dow Jones newswires reports that the euro rose against the yen and dollar in Asia Monday as higher regional share prices prodded currency players to buy the risk-sensitive unit, though dealers said lingering uncertainty over the health of the global economy will likely limit any further gains.
