Money SA economy
The rand remained on the front foot in early trade on Friday despite what analysts referred to as a worrying environment with latest economic data in the US and Europe providing further evidence of an economic slowdown.
At 8.10am local time the rand was bid at R7.23 to the dollar, R9.35 to the euro and R11.32 to the pound. The euro was bid at $1.2891 from $1.2828 overnight.
RMB analysts cautioned in a morning report that the external environment remains a little worrying. They said the ongoing rise in US jobless claims and the weak EU June industrial production data on Thursday provides more evidence of an economic slowdown.
"More importantly, after being out of the headlines for more than a month, we are starting to hear talk of trouble in the PIGS again, Greek 2Q10 GDP was very disappointing and concerns are rising over Irish banks," the analysts said.
Meanwhile, Dow Jones Newswires reported that the yen fell against the dollar in Asia on Friday after Japanese officials hardened the tone of their comments on the currency market, but dealers said the safe-haven yen could rise sharply later in the global day if upcoming U.S. data deepen concerns about the health of the country's economy.
