Money SA economy
The rand was softer in midday trade on Friday, however the local dealer noted that most the day's action was expected later following revised second quarter US gross domestic product data, and a speech from Federal Reserve Chairman Ben Bernanke.
At 11.44am local time the rand was bid at R7.34 to the dollar, R9.35 to the euro and R11.40 to the pound. The euro was bid at $1.2713 from $1.2731 overnight.
"We have seen rand weaker in the last hour or so, with no particular driving force. Currencies are waiting for US data expected later today, for any sense of meaningful direction. We are expecting further rand weakness, but we need to trade at R7.38-R7.40 against the dollar to spark off any real action."
Dow Jones Newswires reports that markets were in a subdued mood in European trading hours Friday as market participants eagerly awaited a speech on the US economic outlook by Federal Reserve Chairman Ben Bernanke at 14.00 GMT.
In a quiet session ahead of a long weekend in the UK, the dollar was little changed against the pound and euro.
