* Rand softer, off session lows
* Bonds mixed, short-end of curve selling
JOHANNESBURG Feb 7 (Reuters) – South Africa’s rand
softened against the dollar on Tuesday but was off session lows
after data showed the labour market improving slightly after
massive job losses brought on by the financial crisis.
News that Greece was drafting an agreement on a bailout deal
that would be put before political leaders for approval later in
the day also helped limit the rand’s losses.
The rand hit a session low of 7.6003 to the dollar,
which attracted exporter selling of dollars, helping the South
African unit pick up off its lows.
The rand was trading at 7.57 to the dollar at 1545 GMT, 0.4
percent softer than Monday’s New York close of 7.5420.
“The rand has remained between 7.50 and 7.65 as markets
await the debt restructuring outcome for Greece,” said Brigid
Taylor, head of institutional sales at Nedbank.
“Gold is marginally weaker and equities are selling off,
suggesting that the current range remains intact with potential
for the rand to weaken initially from these levels,” she added.
The rand is consolidating after hitting fresh 5-month highs
at 7.52, and there is scope for moves towards 7.4650 in coming
sessions, said IFR, a Thomson Reuters market analysis service.
Continued…
