The rand was weaker at noon on Thursday and in a tight range awaiting Jackson Hole and European Central Bank news.
“We should remain in a tight range of R8.38 to R8.45 a dollar today and tomorrow‚ with R8.45 being a resistance level. If we break through R8.45 then we could see R8.50 to R8.60. We are trading in a tight range because investors are sitting on their hands waiting for news from Jackson Hole and the ECB meetings. If the news disappoints then we will see a risk-off environment and the dollar will strengthen and the rand will weaken‚” said Lynden Reabow‚ forex sales trader at PSG Prime‚ in Cape Town.
At 12.07am‚ the rand was bid at R8.4425 to the dollar from R8.4049 at Wednesday’s close. It was bid at R10.5859 to the euro from its previous close of R10.5351 and at R13.3505 against sterling from R13.3055 before.
The euro was bid at US$1.2544 from $1.2532 at Wednesday’s close. - I-Net Bridge