Money SA economy
The rand pushed through 7.30 against the greenback in afternoon play on Thursday, tracking a firmer euro.
At 3.32pm local time the rand was bid at R7.28 to the dollar, R9.25 to the euro and R11.29 to the pound. The euro was bid at $1.2713 from $1.2660 overnight. A local dealer said: "The rand has pushed through 7.30 against the dollar amid a stronger euro."
Dow Jones Newswires reports that the euro and other higher-yielding currencies gained modestly against the dollar on Thursday as a raft of recent disappointing US data raised speculation that the Federal Reserve will take further action to prop up the US economy.
The news that US weekly initial jobless claims came in better than expected prompted only small movements in currency markets, tempering the euro's gains marginally.
Markets are now anxiously awaiting comments out of an annual meeting of the world's top central bankers in Jackson Hole, Wyo. for further direction.
The rebound in the euro and other riskier currencies doesn't mean investors have become more optimistic about global growth, said analysts at TD Bank. Rather, it reflects an expectations that this week's run of "ghastly" US data will prompt the Fed to plan further quantitative easing.
Investors will "hang on every nuance of Fed Chairman Ben Bernanke's speech at Jackson Hole for clues," they said.
