Rand firmer in early trade

The rand was slightly firmer in early trade on Tuesday, with little fresh news to offer direction.

On the international front, the yen was the main focus of attention as it hit 15-year highs against the dollar, while the euro was slightly stronger against the US dollar.

At 8.10am local time the rand was bid at R7.24 to the dollar, R9.30 to the euro and R11.34 to the pound.

RMB analysts said in their morning report that second tier data out of the US was negative once again yesterday and more of the same is likely today.

Dow Jones Newswires reported the yen weakened slightly in Asia Tuesday after local media reported that Japanese Prime Minister Naoto Kan and Bank of Japan Gov. Masaaki Shirakawa will meet Monday, stoking speculation they could move to tackle the yen's recent strength.

The top officials are expected to discuss what to do about the yen, which is trading near 15-year highs against the dollar.