Money SA economy
The rand continued to trade in a tight range in the morning session on Friday, and lacking any clear direction.
At 08.54am the rand was bid at R7.41 to the dollar from R7.40 at its previous close. It was bid at R10.15 to the euro and R11.15 to the pound. The euro was bid at $1.3702 from $1.3685 previously.
A local trader said: "We are set for another quiet day, in a range of 7.38-46 against the dollar, with very little action expected."
RMB analysts in their morning report noted that with US retail sales and consumer confidence numbers out later today, the rand was set to languish at present levels through most of the day.
"Remember that the key concern at the moment is whether US consumers will start spending again, you can't think of much better data on this issue than today's. Surprisingly positive data would of course help but with the poor February US weather such an outcome looks unlikely," analysts John Cairns and Nema Ramkhelawan said.
Dow Jones Newswires reported that the yen fell against the dollar and euro in Asia Friday as Japanese Prime Minister Yukio Hatoyama's comments favouring a weaker yen prompted non-Japanese players to sell the currency.
Growing expectations for further monetary easing by the Bank of Japan also weighed on the Japanese currency, dealers said.
