A nothing day

The rand was trapped in a narrow range against the dollar in late afternoon trade yesterday in a market that was quiet to the Labour Day holiday in the US.

RMB AM and Business Day report that currency traders expected the rand to remain in a wider range for the week, with a sustained break on either side needed to give it fresh direction.

In late afternoon, the rand was quoted at R6,6396 to the dollar from a close of R6,6296 on Friday. It was quoted at R8,0075 to the euro from a previous R7,9426 and at R11,8100 against sterling from Friday's R11,6740.

Nothing has happened today. The rand has traded between R6,6150 and R6,64 a currency trader said. He also said that because of the US holiday, volumes had been thin, with the rand's direction dictated by small exporter and importer flows.

For the week, I think R6,55 to R6,75 will still be the range, with a fresh break needed to give the rand new direction, the trader concluded.

The dollar eased off recent peaks yesterday as a broad-based rally sparked by stronger than expected US jobs data on Friday ran out of steam in a holiday-thinned market.