Money SA economy
The rand remained above 7.30 against the greenback in early trade on Thursday, as the currency consolidated around that key level.
At 08.35am local time the rand was bid at R7.32 to the dollar, R9.53 to the euro and R11.42 to the pound. The euro was bid at $1.3040 from $1.2993 overnight.
A trader said the rand is consolidating around 7.30 per dollar, which is "a strong technical level."
"Investors continue to buy high-yielding currencies like the rand, Australian dollar and Turkish lira," the trader said.
RMB analysts said in a morning report that a lower break is still possible, but it is now not assured if EUR/USD can breach 1.30 and gap to 1.3125. They said there was fresh speculation about another interest rate cut in South Africa after the lower-than-expected inflation figure.
Local June money supply and credit data, and PPI will probably impact only marginally on rate expectations, they said.
The global risk rally appeared to be losing momentum. US equity results continue to come in strong but have basically been discounted, they added.
Dow Jones Newswires reported the dollar declined against the yen in Asia Thursday on speculation that US Treasury yields will fall further due to concerns over a slowdown in the world's biggest economy.
