Rand sticks to early high levels

The rand maintained its firm stance in afternoon trade on Tuesday as the euro pushed to an 11-week high against the greenback.

At 3.46pm local time the rand was bid at R7.32 to the dollar, R9.50 to the euro and R11.35 to the pound. The euro was bid at $1.2987 from $1.2993 overnight.

A local dealer said: "The rand is strong with good buying interest at the 7.30 level against the dollar. The euro is at an 11 week high against the dollar, which is helping rand strength. The trend is still towards a firm rand."

Dow Jones Newswires reports the euro rose to an 11-week high against the dollar on Tuesday after better-than-expected euro-zone economic data gave the common currency a sustained boost over the key $1.30 level.

Investors will zero in on Tuesday's US economic data to further gauge the US economic recovery, and their appetite for higher-yielding assets.

A recent string of disappointing US economic data has brought the pace of the US recovery into question.

The two key US releases are the 9am EDT release of the S&P Case-Shiller Home Price Index for May and at 10am EDT, the consumer confidence index. US corporate earnings also will continue to command investor attention.