Money SA economy
The rand remained strong, but was little changed from its weekend level on Monday morning. A local dealer noted that trade is anticipated to remain quiet today with US market closed for the Labour Day holiday.
At 8.43am local time the rand was bid at R7.16 to the dollar, R9.23 to the euro and R11.06 to the pound. A local trader said: "We have seen little action this morning, however, through 7.21 against the dollar and we might go higher, but the US is closed for a public holiday today.
"We will continue to track the euro," he said.
RMB analysts noted in a morning report that a good US payroll figure allowed US dollar/rand to break into a new cyclical low on Friday and while the going was tough the unit looks like it wants to keep fighting its way lower.
Dow Jones Newswires reports the euro rose to near a three-week high against the dollar in Asia Monday as strong regional share markets prompted short-term players to buy the risk-sensitive currency, dealers said.
"If global share markets remain strong, investors will be encouraged to buy riskier assets" to the benefit of the euro, said Motonari Ogawa, senior foreign exchange trader at Barclays Capital. The unit could rise as high as $1.3000 in coming sessions, Ogawa said.
