Money SA economy
The rand was hardly changed from its overnight levels on Thursday morning amid a number of bounces by the single currency and greenback, however lacking follow through according to a local trader.
At 8.56am local time the rand was bid at R7.32 to the dollar, R9.31 to the euro and R11.38 to the pound. The euro was bid at $1.2710 from $1.2660 overnight.
A local dealer said: "We haven't seen any real moves today. We saw the dollar and euro bounce, but with no follow through. If we break through R7.30/$, we should go lower."
RMB analysts noted in a morning report that US dollar/rand has lost its upside momentum despite further terrible economic data out of the US.
The group said that yesterday's CPI data all but confirmed the case for another rate cut.
Dow Jones Newswires reported that the dollar and euro were helped by stronger Asian equities, which eased recent pessimism and dented demand for the safe-haven yen.
