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Currencies

11 October 2004 Angelo Coppola

The rand was confined to a tight band in quiet trade yesterday, but there was scope for the unit to advance to R6,40 to the dollar in coming sessions on diminishing prospects of a rate cut this week.

RMB AM and Business Day The rand briefly firmed 2c to R6,52 a dollar as the greenback held near a recent one-week low versus the euro after week US jobs data on Friday raised questions about future interest rate hikes in the US.

Trade was thin with the US shut for a public holiday. The rand was trading at R6,5430 a dollar compared to R6,54 at Friday's close, when it reversed earlier losses after the greenback slipped on the soft jobs data.

In New York, the dollar rose against the euro in thin trading yesterday, as investors took profits on the single European currency, which gained on Friday after a surprisingly weaker US employment report.

By midmorning, the euro weakened to $1,2390, after hitting a one-week high against the dollar about $1,2433.

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