The rand was slightly weaker on Monday morning, mainly reflecting the firmer dollar, which rose against the euro and pound in Asian trade amid concerns about the European economies.
By 09.00am the rand was bid at 7.6956 to the dollar from a previous close of 7.6533. It was bid at 11.3376 to the euro from a previous 11.3347 and at 14.1845 against sterling from 14.1838 before.
The euro was bid at $1.4735 from $1.4786 overnight, while gold was quoted at $820.90 a troy ounce from $823.77/oz overnight.
A local trader said that the dollar rose against the pound and euro on Friday night.
"It's a holiday in London today, so we are expecting volumes to be fairly thin," said a local trader. He added that he expects support for the rand at 7.65 and resistance at 7.74.
RMB analysts said in their morning report that despite substantial volatility in commodity markets and the EUR/USD, the rand managed to hold a range of 7.65 - 7.86 last week.
"After what was almost a week-long rally, the price of Brent crude oil slumped on Friday falling by $4 to $114/bl, the gold price slipped from $839 to $818/oz and the USD gained against most major currencies."
RMB expects the rand to see weakness today as it plays catch-up with the EUR/USD it has been tracking for much of the month. They expect resistance at 7.76, with support still at 7.65.
By 09.00am the rand was bid at 7.6956 to the dollar from a previous close of 7.6533. It was bid at 11.3376 to the euro from a previous 11.3347 and at 14.1845 against sterling from 14.1838 before.
The euro was bid at $1.4735 from $1.4786 overnight, while gold was quoted at $820.90 a troy ounce from $823.77/oz overnight.
A local trader said that the dollar rose against the pound and euro on Friday night.
"It's a holiday in London today, so we are expecting volumes to be fairly thin," said a local trader. He added that he expects support for the rand at 7.65 and resistance at 7.74.
RMB analysts said in their morning report that despite substantial volatility in commodity markets and the EUR/USD, the rand managed to hold a range of 7.65 - 7.86 last week.
"After what was almost a week-long rally, the price of Brent crude oil slumped on Friday falling by $4 to $114/bl, the gold price slipped from $839 to $818/oz and the USD gained against most major currencies."
RMB expects the rand to see weakness today as it plays catch-up with the EUR/USD it has been tracking for much of the month. They expect resistance at 7.76, with support still at 7.65.
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