* S.Africa’s currency in 8.16-8.22 range vs dollar
* Needs to break through 8.15 resistance
JOHANNESBURG, July 30 (Reuters) – South Africa’s rand
weakened against the dollar as importers came into the market at
the lower 8 level on Monday but the currency failed to break out
of Friday’s range, waiting for key events later in the week
before it tries for new levels.
The rand fell 0.56 percent to the dollar at 8.2020
by 1530 GMT, compared to a 8.1560 close in new York on Friday.
“We are seeing a lot of importer demand which was absent for
most of last week when we were at higher levels on dollar/rand.
There’s been talk of oil companies buying, I think those that
didn’t buy last week because the levels were expensive are quite
happy now,” said Ion de Vleeschauwer, dealer at Bidvest Bank.
The unit was coming off 8.50 levels hit last week.
Volume was thin on Monday and dealers said they would wait
for domestic jobless numbers and expected global monetary
stimulus before taking clear positions.
Second quarter employment data on Tuesday will give pointers
about the economy’s growth trend as the mining sector sheds
jobs, while later in the week focus will be on the European
Central Bank and U.S. Federal Reserve’s policy setting meetings.
Investors are expecting policy action to help the euro zone
out of crisis and boost the soft United States economy.
Continued…
