Rand lost in listless market

By Staff Writer

By Evan Pickworth, Business Report

A sideways Dow overnight was a key factor behind the stable start, according to analysts.

By 8.47am the rand was bid at R8.1100 to the dollar from its previous close of R8.0850. It was bid at R12.7520 to the euro from a previous R12.7924 and at R16.0913 against sterling from R16.0280 before.

The euro was bid at $1.5673 from $1.5762 overnight, while gold was quoted at $908.25 per ounce from $915.65 overnight.

A stable dollar-euro, slightly better trade deficit locally, a more or less sideways Dow and no clear indication of movements in Zimbabwe have all combined to place the rand into a stable range, according to analysts.

"We do get some event risk late this afternoon with the release of the US ISM data. Watch also local credit data tomorrow along with Bernanke's address to congress," said market analysts.

The rand is expected to trade at between R8.05/08 and R8.16 for the day.
 

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