Home FAQ Calendar Arcade Mark Forums Read
Go Back   GlobalBuzz-SA > Business and Finance
Forums Info Vids Flight Bookings News Feeds Cape Town KZN
Follow GlobalBuzz SA on Twitter  
Business and Finance Business and finance discussions.

Rand makes rapid turnaround

Thread Tools Display Modes
Old 07-11-2006, 12:46 PM   #1
Bluebird Insured Speed
mcamp999's Avatar
Join Date: Jan 2004
Last blog entry: Mon, 2010-08-30 08:56
Location: Cambridge
Rand makes rapid turnaround

November 7, 2006

By Jacqueline Mackenzie

Johannesburg - The rand was firmed sharply in early trade on Tuesday, boosted by a slightly firmer euro, a recovery in emerging market currencies generally and comments by the IMF that were considered positive for the local currency.

At 10.00am, the rand was bid at R7.2950 to the US dollar from Monday's close of R7.3810. It was bid at R9.3125 to the euro from a previous R9.3514 and at R13.8950 against sterling from Monday's R13.9620.

The euro was bid at $1.2755 from $1.2731 late Monday, while gold was quoted at $625.14 an ounce from $623.29 overnight.

"It's basically moved on the euro. We briefly broke below 7.27 earlier, which caused a bit of chaos, but essentially we have moved into a 7.25 to 7.35 range for now," said a local currency trader.

ETM analysts said in their morning commentary that the US dollar versus rand has now cracked some key technical resistance at R7.27 which if sustained would open the door for a larger and more significant reversal. The move appears to be in line with what has been seen across other emerging markets and commodity currencies.

"A move back below 7.20 would even confirm a test of levels back to 7.00 in due course, however a close below 7.26 would be required before we would feel comfortable targeting lower," they noted.
mcamp999 is offline   Reply With Quote

Go Back  GlobalBuzz-SA > Business and Finance

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

» Recent Threads
No Threads to Display.
Powered by vBadvanced CMPS v3.2.1

All times are GMT. The time now is 05:04 PM.

Powered by vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
© 2007 - 2016 GlobalBuzz Southern Africa All Rights Reserved