THE rand was steady at firmer levels on Thursday at midday as the market awaited what is expected to be a dovish statement from the European Central Bank (ECB) later in the afternoon.
At 11.34am‚ the rand was R16.7578 to the dollar from a previous close of R16.7584. The rand was trading in a range between R16.87/$ and R16.70/$.
Against the euro‚ the rand was at R18.2571 from R18.2506 previously. It was at R23.7630 against the pound from R23.7803.
The euro was at $1.0894 from $1.0893 previously.
Although today’s ECB policy meeting was likely to contain more dovish language‚ ECB president Mario Draghi would probably refrain from announcing further stimulus measures‚ Barclays Research said in a note.
“Together with persistently subdued commodity prices‚ it is likely the rand will weaken toward the top end of the its recent trading range‚” Barclays said.
- TMG Digital/BDlive
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