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Rand weaker against euro and dollar
The rand maintained a weaker bias against the dollar in late trade on Wednesday (10 July) as investors squared positions ahead of the release of the US Federal Reserve's cut in its bond-buying programme.
"Last week's non-farm payrolls number which saw the private sector add 195‚000 jobs‚ surpassing expectations‚ suggests that the Fed may halt its quantitative easing programme sooner rather than later‚" Nedbank's head of spot forex trading William Van Rijn said.
"Should this happen‚ the rand may plunge to the R10.30/US$ levels seen when that initial jobs number was released," he said.
The rand was bid at R10.0585 to the dollar‚ off its intraday best level of 9.9582/US$ and almost 3c weaker than Tuesday's (9 July) close of R10.0265.
The local currency was bid at R12.8970 to the euro from Tuesday's (9 July) close of R12.8143 and was at R14.9862 against sterling from R14.8999 at its previous close.
After falling to its weakest level since March‚ the euro was stronger against the dollar at US$1.2822 on Wednesday (10 July).
Source: I-Net Bridge
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