Money SA economy
The rand was in a range on Thursday morning, tracking the euro for direction.
At 8.15am local time the rand was bid at R7.27 to the dollar, R9.32 to the euro and R11.31 to the pound. The euro was bid at $1.2809 from $1.2852 overnight.
A local dealer said: "We briefly touched 7.30 against the dollar this morning, but we really need to see the euro back below 1.28 against the dollar to see any action on the rand. For now we are range bound, and we will continue to track the euro."
RMB analysts said in their morning report the rand's bias for strength has completely abated - "it only took a small tick in euro/US dollar from 1.2900 to 1.2850 to send US dollar/rand scurrying from the 7.24 support level all the way to almost 7.3000 yesterday."
The group pointed to sideways movement, tracking euro/US dollar play, with scope for anything major limited by the empty data and events calendar.
Dow Jones Newswires reported that concerns about the global economic outlook, continue to weigh on the dollar's upside. If US Treasury bond yields continue to grind lower, the dollar could lose support, traders said.
Meanwhile, the euro's weakness may persist in coming weeks against the greenback due to continued worries about European financial system and its economic outlook, traders said.
