Money SA economy
The rand was steady in midday trade on Tuesday amid 'quite' trade, but the currency is finding resistance at R7.25 to the dollar.
At 11.51am local time the rand was bid at R7.26 to the dollar, R9.58 to the euro and R11.51 to the pound. The euro was bid at $1.3200 from $1.3223 overnight.
A local trader said: "The rand is steady at the moment after gaining slightly against the US dollar and the crosses. The local unit is finding it hard to break through the R7.25/$ level, with no economic data in focus to provide some support."
Meanwhile, Dow Jones Newswires reports that the euro rebounded from earlier lows on Thursday ahead of the latest European Central Bank policy meeting as investors waited to see just how cautious the central bank will be about growth prospects.
The dollar, meanwhile, continued to find support after strong U.S. data on Wednesday reduced recent speculation that the Fed will need to ease monetary policy further.
However, analysts said any improvement in market sentiment is likely to be limited ahead of the release of the latest U.S. non-farm payrolls employment data on Friday, in case these figures prove disappointing.
