Money SA economy
The rand remained firm against the dollar, as it continued to track a well bid euro. Market attention today is focused on US GDP data and June trade figures on the local front.
At 08.55am local time the rand was bid at R7.32 to the dollar, R9.59 to the euro and R11.44 to the pound. The euro was bid at $1.3091 from $1.3077 overnight.
RMB analysts said in a morning report that consensus expectations for Q2 2010 US GDP data at 02.30pm is that GDP grew 2.6% (q/q seasonally adjusted annualised). This would be more or less in line with the 1Q10 rate of 2.7%.
"The market though is looking for any signs in the detail that supports the recent monthly data that shows a generalised slowdown in the economic expansion.
"Contrast this with Europe, where yesterday's economic sentiment index showed a continued improvement. The result is generalised USD weakness," they said.
South Africa's foreign trade balance with its non-Southern African Customs Union trading partners is expected to have reached a R1.1 billion deficit in June from the R0.3 billion deficit of May, according to a survey by I-Net Bridge.
