Money SA economy
The South African rand was neutral in midday play on Wednesday, barely off its overnight levels amid a spate of PMI data from around the globe.
A local dealer said that the local currency would continue to track euro progress ahead of data out of the US later today. At 11.35am local time the rand was bid at R7.36 to the dollar, R9.41 to the euro and R11.30 to the pound. The euro was bid at $1.2791 from $1.2685 overnight.
A local dealer said: "The rand is neutral at the moment, but the euro/rand has come off a bit. We need to break through 7.35 or 7.40 on the topside against the dollar to see any real movement." He said that eyes would turn to the US later with ISM and employment data expected out.
Dow Jones Newswires reports that the euro gained Wednesday as better-than-expected data from China and Australia helped to lift global risk sentiment.
The improvement in overall risk sentiment could prove short-lived, however, as the market is likely to remain nervous ahead of new manufacturing and employment data from the US later in the day as well as the release of new non-farm payrolls figures on Friday.
