The rand was a tad weaker in midday trade.
|||The rand was a tad weaker in midday trade on Friday, reflecting the retracement in the euro/US dollar movement.
Mark Kalkwarf, senior portfolio manager at Iquad Group, said the euro bounced off the near 1.30 level to the greenback on some profit taking ahead of the weekend. “We are seeing some squaring of positions in what has been a fairly positive week for the rand, bear in mind that it strengthened from around 8.10-12 to the dollar to current levels,” he said.
At 11:39 local time, the rand was bid at R7.9793 to the dollar from its previous close of R7.9060. It was bid at R10.2945 to the euro from R10.2585 before, and at R12.3167 against sterling from R12.2515 previously.
The euro was bid at US$1.2905 from its previous close of US$1.2960.
Barclays Capital said in a note earlier that rand firmness persisted on Thursday, strengthening to R7.89 in relation to the greenback.
Thursday's well-received Spanish and French bond auction, when combined with growing optimism that Greek authorities will be able to reach an amicable compromise with private bondholders, spurred euro bulls and further reduced some of the USD's perceived safe-haven status, they noted.
Dow Jones Newswires reported that investors were reluctant to push the euro higher ahead of key debt talks between the Greek government and private sector representatives. - I-Net Bridge
Source: http://www.iol.co.za/rand-loses-ground-tests-r8-us-1.1217066
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