Money SA economy
The rand remained firm in early trade on Friday as the euro remained on the front foot. With no market moving data scheduled, it looks likely to remain range bound.
At 08.45am local time the rand was bid at R7.54 to the dollar, R9.58 to the euro and R11.42 to the pound. The euro was bid at $1.2716 from $1.2689 overnight.
RMB analysts said in their morning report that the rand is still biased stronger against the G4 crosses but the pace of gains is likely to be slow given the free data and event diary today.
"USD/ZAR looks the most promising as the USD remains under pressure but support comes in almost immediately at 7.52 suggesting that even here moves are likely to be slow," RMB analysts said.
They added that international news remains mildly rand positive.
Dow Jones Newswires reported the euro continues to edge higher towards the 1.2737 wave equality target following the push above 1.2663, although upside momentum is waning.
