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Rand trades sideways‚ awaits trade data

30 Aug 2013

The rand traded sideways at midday on Friday (30 August)‚ awaiting direction from the release of local trade data.

"The trade figures for July hold a bigger risk for the market given that sentiment towards the rand has already soured‚" RMB wrote in a research note.

"We are at the bearish end of the forecast range‚ expecting a widening in the deficit from R7.7bn to R12.9bn‚" the bank said

In morning trade the rand was bid at R10.3387 to the dollar compared with Thursday's close of R10.3233.

Against the euro‚ the rand was bid at R13.6797 from its previous close of R13.6793 and was at R15.9968 against sterling from R16.0255 at its previous close.

The euro was bid at US$1.3239 from US$1.3237 at Thursday's close and US$1.3341 at Wednesday's close.

Source: I-Net Bridge

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