Zimpapers Logo

THE rand was weaker against major currencies yesterday morning ahead of the release of local trade balance data.

At 8.30am the rand was at 13,3298 against the dollar from a previous close of 13,2943.

Against the euro the rand was at 14,9790 from a previous close of 14,8574. Against the pound‚ the rand was at 20,5660 from 20,4937.

The euro was at $1,1238 from $1,1174 previously. The South African Revenue Service will release July trade data later in the afternoon amid conflicting views of the state of the trade balance.

Some economists think the surplus on the trade balance narrowed from R5.8bn in June to about R1.5bn‚ while expecting the trade balance to have returned to deficit territory after two consecutive months of surpluses.

Barclays Research said in an early morning note that the rand was likely to remain vulnerable to investor speculation in the wake of hawkish comments from US Federal Reserve vice-chairman Stanley Fischer at the Jackson Hole symposium on Saturday about the possibility of a September rate hike. —BDLive.