Rand steady vs US dollar

The rand was steady against the dollar in late afternoon trade on the back of a strong euro.

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The rand was steady against the dollar in late afternoon trade on Tuesday on the back of a strong euro.

“The euro has been pushing higher against the dollar. This is positive for the rand, which has come off its lows of the day. However, trade is thin and liquidity is not looking good. When we get back to normal as the holidays end, we'll have a better idea of what's happening,” a local currency trader said.

At 15:48 local time, the rand was bid at 6.7094 against the dollar from its previous close of 6.7035. It was bid at 9.8050 to the euro from 9.7660 before and at 11.0350 against sterling from 11.0675 at its previous close.

The euro was bid at US$1.4611 from US$1.4570 previously.

Meanwhile, Dow Jones Newswires reported that Tuesday brought more downward pressure on the dollar.

Treasury Secretary Timothy Geithner's public acknowledgment that unemployment was still “very high” and the economy felt “unfairly hard” did little to help the US currency.

“As part of the market still considered more dollar-diluting Fed stimulus an outside possibility, the Treasury secretary's comments hardly bring relief to an under-siege greenback.”

The dollar continued to weaken in European hours as traders returned from a four-day weekend and sat on negative dollar bets ahead of Wednesday's interest-rate decision by the Federal Open Market Committee and Federal Reserve chairman Ben Bernanke's subsequent presser.

The euro rose to a 16-month high of US$1.4653 in European hours and the dollar hit another record low against the Swiss franc, Dow Jones Newswires added. - I-Net Bridge

Source: http://www.iol.co.za/rand-steady-vs-us-dollar-1.1061451

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