Money SA economy
The rand was a tad weaker in midday trade on Wednesday as it consolidates around R7.28-R7.33 to the dollar.
At 12.18pm local time the rand was bid at R7.30 to the dollar, R9.65 to the euro and R11.61 to the pound. The euro was bid at $1.3207 from $1.3223 overnight.
A local trader said: "The rand is looking to consolidate around R7.28-R7.33 to the greenback, with no fresh data to move us in any particular direction."
Meanwhile, Dow Jones Newswires reports that the euro fell back against the dollar on Wednesday as the latest euro zone data disappointed growth prospects and lowered inflation expectations for the region.
The dollar, meanwhile, got a little respite from its recent sharp decline even though there is still speculation that the U.S. Federal Reserve will need to introduce more quantitative easing.
Speculation over further Fed easing increased late on Tuesday when both US pending home sales and factory orders came in lower than expected and U.S. Treasury yields slipped a little lower.
There are fears the speculation will only increase if the U.S. data later this week, including non-farm payrolls on Friday, provide more evidence that economic recovery is faltering.
Speculation that the euro zone will also have to contemplate easier policy increased after the euro zone's purchasing managers' index for the service sector was revised lower and the survey's output price component showed an unexpected fall.
