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Currencies yesterday

28 June 2005 Angelo Coppola

The rand held gains prompted by the stronger euro yesterday, shrugging off a national strike against poverty and unemployment, which traders said has already been priced into the market.

RMB AM and Business Day report that inlate afternoon, the rand was trading at R6,63 against the dollar, about 1% firmer than R6,7025 to the dollar when domestic markets shut on Friday - and its strongest level in a week.

During the session the unit traded in an unusually tight range, buoyed mainly by the euro's rise in more than 0,7% against the dollar.

It has all been on the back of the euro's move. From a volume and liquidity perspective it has been absolutely quiet, according to one dealer. The rand is expected to trade between R6,55-R6,85 against the dollar in the near term, but eventually will test the key R7 to the dollar level.

The dollar and yen retreated against the euro yesterday on concerns that record high oil prices could threaten global growth, with the euro zone currency also garnering support from improving German business confidence.

Oil prices have partly driven the market today, so that's why there is a weaker dollar. Late in the session, the euro was up 0,5% against the dollar at $1,2161 and gained 0,7% versus the yen to ¥132,91.

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The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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