The rand was a touch firmer in quiet early trade on Tuesday.
“We are experiencing the Northern Hemisphere summer holiday doldrums‚ so nothing much is happening‚” a local trader said.
Absa Capital said in its morning report that the rand weakened on Monday‚ along with other risky assets‚ following the negative global growth connotations associated with Monday’s disappointing Japanese gross domestic product (GDP) data.
“However‚ rand weakness was relatively contained‚ because many participants believe that if global data continue to disappoint‚ there is greater probability of more co-ordinated stimulus. Further insight into the global growth prognosis will be gleaned from today’s eurozone GDP and US retail sales‚” the bank said.
At 8.13am local time the rand was trading at R8.1203 to the dollar from Monday’s close of R8.1491. It was trading at R10.0399 to the euro from its previous close of R10.0515 and at R12.7411 against sterling from R12.7775 before. - I-Net Bridge